Finance minister and outgoing chair of the Inter-American Development Bank (IDB) Dr. Nigel Clarke has hailed the regional body for the increased financial support it provided to small and vulnerable countries of the region, in the past year.

Speaking at the IDB’s annual meeting of the boards of governors yesterday (March 18), Dr. Clarke noted that in addition to the residual impacts of the COVID-19 pandemic, countries are now facing new global setbacks.

These include the effects of Russia’s war on the Ukraine, the associated increase in energy and food prices, in addition to inflation that has led to many countries tightening their monetary policies.

Dr. Clarke noted that support to small and vulnerable nations in the past year accounted for some $5.8 billion.