PRย โ Minister for Finance, Honourable Dennis Cornwall, departed the State on Sunday, June 21, 2026, to represent Grenada at the 2026 OPEC Fund Development Forum in Vienna, Austria.
Minister Cornwall is accompanied by Mrs. Tonia Adams Samuel, Head of the Macroeconomicย Policy Unit within the Ministry of Finance.
The Forum, held on June 23 at the historic Hofburg Palace, brings together heads of state,ย ministers, policymakers, development finance institutions and private-sector leaders to exploreย practical solutions to some of the most pressing development challenges facing vulnerableย countries.
Convened under the theme,ย โA Transition That Empowers Our Tomorrow,โย the Forum focusesย on strengthening global partnerships, mobilising capital for priority development needs andย advancing sustainable, inclusive and climate-resilient development.
A major area of discussion is the growing financing gap affecting climate-vulnerable developingย countries, particularly in critical sectors such as water, education and health. Many of theseย countries continue to face high borrowing costs, limited fiscal space, unsustainable debt burdensย and financing arrangements that do not adequately reflect their vulnerability to climate-relatedย shocks.
The Forum will also advance discussions surrounding the Vulnerability to Viability Compact, aย joint initiative involving the OPEC Fund for International Development, the Government ofย Barbados, as Chair of the Climate Vulnerable Forum and V20 Finance Ministers, and participatingย development finance institutions.
The Compact is intended to improve the availability, affordability, predictability and effectivenessย of development financing for the 74 countries represented by the CVF-V20.
Its work is centred on four key pillars: increasing access to concessional financing; mobilisingย private and philanthropic capital; strengthening country ownership of development priorities; andย expanding shock-responsive debt and financing instruments.
Attention will also be given to blended financing, guarantees, local-currency solutions, political risk mitigation, debt suspension clauses, emergency liquidity facilities and other mechanisms thatย can help vulnerable countries maintain essential public services following natural disasters andย other economic shocks.
Grenadaโs participation provides an important opportunity to contribute the perspective of Smallย Island Developing States, which remain highly exposed to climate-related disasters whileย operating within narrow fiscal and borrowing constraints.
The engagement also supports the Governmentโs continued efforts to secure affordable andย sustainable financing for national development, strengthen fiscal and climate resilience and buildย partnerships capable of supporting investments in essential services and productive sectors.
The Ministry of Finance remains committed to advocating for a more responsive internationalย financial architecture that recognises the unique vulnerabilities of small states and provides fairerย access to long-term development financing.
