Dominica’s Finance Minister, Dr. Irving McIntyre has assumed the chairmanship of the Eastern Caribbean Central Bank (ECCB) Monetary Council, pledging to work closely with regional governments and the ECCB to safeguard monetary stability while advancing policies that strengthen economic growth, food security, renewable energy and regional resilience.

Speaking at the opening of the Monetary Council Meeting in Dominica, Dr. McIntyre accepted the chairmanship with what he described as “humility, gratitude and an unwavering commitment to regional cooperation.”

He noted that chairing the Council carries responsibility for helping safeguard the financial well-being of more than 650,000 people across the Eastern Caribbean Currency Union (ECCU), stretching from Anguilla in the north to Grenada in the south.

“I assume this responsibility with a profound sense of duty, fully mindful of the uncertainty created by an increasingly volatile geopolitical and economic environment,” he said.

Addressing the regional economic outlook, Dr. McIntyre acknowledged that ongoing geopolitical tensions and global economic uncertainty continue to present challenges for small island states. While economic growth across the ECCU is projected to remain positive, he noted that the pace of growth remains below the level needed to achieve the region’s long-term development ambitions.

He highlighted Dominica’s own development programme, pointing to major investments in climate-resilient infrastructure, including the construction of the international airport, geothermal energy development, road modernization, climate resilience projects and the Government’s housing programme. These investments, he said, are expected to support continued economic growth while improving connectivity, attracting investment and creating employment.

During his tenure as Chairman, Dr. McIntyre said the Monetary Council will focus on several strategic priorities, beginning with safeguarding monetary and financial stability.

“The Council remains committed to strengthening and modernizing our regulatory and supervisory frameworks because monetary stability is never accidental—it is earned through disciplined institutions, sound policies and prudent leadership,” he said adding that the region must continue strengthening its institutions to ensure the Currency Union remains resilient in an increasingly complex global economy.

Food and nutrition security will also feature prominently on the Council’s agenda.

Dr. McIntyre said the ECCU’s food import bill reached almost EC$2.4 billion in 2024, representing a significant outflow of foreign exchange that could instead support local production, employment and investment.

“We have the land, the people and the capacity to produce more of what we consume. Dominica stands ready to play an even greater role in advancing regional food security,” he said

He also identified energy security as a critical priority, noting that the region remains heavily dependent on imported fossil fuels, exposing member states to volatile international oil prices.

He highlighted Dominica’s recent commissioning of its 10-megawatt geothermal power plant, describing it as a landmark achievement that makes Dominica the first country in the Eastern Caribbean to integrate geothermal energy into its national electricity grid. He said the facility supplies electricity to approximately 23,000 homes and represents a major step toward the country’s goal of generating 100 per cent renewable electricity by 2030.

“Across the region, the Monetary Council will continue to support the accelerated implementation of renewable energy projects under the Resilient Renewable Energy Infrastructure Investment Facility, led by the ECCB with financing from the World Bank, Canada and the Green Climate Fund,” he pledged.

Recognising climate change as the defining challenge facing Small Island Developing States, he also called for greater access to affordable and concessional climate financing, noting that hurricanes and other natural disasters can erase decades of development in a matter of hours.

Another key priority identified by the Chairman is strengthening oversight of Citizenship by Investment programmes.

Dr. McIntyre said the Council remains committed to establishing the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA), which is expected to commence operations later this year.

Accordingly, the Monetary Council will continue to prioritize the establishment of the Eastern Caribbean Citizenship by Investment Regulatory Authority (ECCIRA), which is expected to commence operations later this year.

A robust regional regulatory framework will strengthen governance, enhance transparency and reinforce international confidence in our programmes,” he said.