BASSETERRE, St Kitts (CMC) — The deputy managing director of the International Monetary Fund (IMF), Min Zhu, says while economic growth in the region continues to strengthen, it remains fragile and uneven.

In an address at the opening of the 2015 High Level Caribbean Forum yesterday, the IMF official said the region faces, among other things, possible consequences from the impending rise in US interest rates, the slowdown in China and South America, the opening of Cuba to US tourists, and other challenges.

“Although the recovery in the United States looks robust, growth prospects have deteriorated in many parts of the globe compared to a year ago.”

He said in several emerging markets, such as Latin America, Canada and Europe, the economy still looks fragile.

He added that the Caribbean Forum is one of the key platforms for the region.

“For expanding our mutual understanding and for collaborating… It is good, then, that the 2015 Caribbean Forum keeps the focus on growth, this year in particular on financing growth. This is exactly in line with efforts by the international community right now to secure sustainable development. Indeed, our quest for growth must be cast firmly in the context of sustainability, growth that is durable and equitable, and that safeguards the environment.”

Concerning the role of the international lending agency, Min said the aim is to boost economic resilience in members as they seek to growth objectives.

He said the IMF will “deepen our policy advice on the macro aspects of key topics related to achieving and financing the SDGs infrastructure provision, inclusion, and vulnerabilities facing small states.”

The lending agency will also enhance technical assistance to strengthen domestic revenue potential; build capacity and institutions and address the special needs of fragile and conflict-affected states.

Regarding Small States, he said the Fund has continued analytical and policy work.

“As you know, the Executive Board met to discuss the second policy paper in February, and work is ongoing to integrate the substantive findings related to fiscal policy frameworks and competitiveness into our programme and policy work.”

Some of the issues to be discussed at this annual high-level forum with the focus on Financing Growth , include the region’s energy sector, the role of regulatory reforms in the sector and how to boost foreign investment in the sector.

In focusing on the financial sector, delegates will consider ways to improve access to credit and recent developments with correspondent banking relationships and implications from the global regulatory environment for the region.

According to Min, the areas to be discussed are critical issues in the region “given the importance of the financial sector, both domestic and international, in many Caribbean countries, as well as the significant efforts underway, and progress achieved recently, to restore financial soundness and sustainability in some parts of the Caribbean.”

The Caribbean Forum, now in its fourth year, is being held for the first time in the Organisation of Eastern Caribbean States (OECS).

The Forum brings together prime ministers, finance ministers, central bank governors, and other high-ranking officials as well as senior officials from the IMF, the Caribbean Development Bank, the Inter-American Development Bank and the World Bank and donors.

It is being hosted by the Government of St Kitts and Nevis and the Eastern Caribbean Central Bank in collaboration with the Inter-American Development Bank, the Caribbean Development Bank, the International Finance Corporation and the World Bank.