Dr. Gene Leon, who has worked in a senior capacity for the International Monetary Fund (IMF) over many years, has been appointed the new president of the Caribbean Development Bank (CDB).

Leon replaces Dr Warren Smith, who served as president of the CDB for 10 years.

During Smith’s tenure, US$2.5 billion was approved for disbursements. Last year saw the CDB make around US$400 million in disbursements as it looked to do its part in helping to sure-up Caribbean economies during the COVID-19 pandemic.

Smith has always stressed the importance of improving Caribbean people’s access to social and economic services.

Leon brings a wealth of experience to his appointment and did a great job as the IMF’s senior resident representative in Jamaica where he garnered much respect.

As the IMF’s top official in Jamaica from 2010 to 2013, he was adamant that the country stick to the terms of the 27-month US$1.27 billion Stand-By-Agreement that concluded in 2012. He called for Jamaica to act quickly to implement tax and pension reforms.

He once observed of the Jamaican economy, “A 2007 study by the Inter-American Development Bank estimates that 40 per cent of economic activity in the country is unregistered and untaxed and that tax exemptions and incentives have eroded half the tax base. Tackling growth today requires not only a comprehensive effort but one capable of addressing some shorter-run gains without compromising sustainability.”

Back then, Jamaica had a penchant for waivers and tax incentives of which he commented: “Experience shows that in general the provision of tax incentives is not a long-term growth strategy.”

In 2012, he was selected as Caribbean Business Report’s ‘Business Personality of the Year’.

SERVED AS HEAD OF MANY MISSIONS

During his 24 years with the multi-lateral agency he has served as mission chief for the United Arab Emirates (UAE), Zimbabwe, Oman, Nigeria, Bahamas. He was appointed deputy division chief for the Middle East and for the Central Asia Department.

He has close connections with the Caribbean, serving as director of research at the Central Bank of Barbados and as an economist at the CDB.

Hailing from St Lucia, in 2015 Leon was a strong contender to be the new Governor of the Eastern Caribbean Central Bank (ECCB), succeeding Sir K. Dwight Venner. Timothy Antoine eventually got that position.

Leon, who holds a PhD in Economics, begins his new post on May 1, 2021. On his new appointment he is reported to have said: “I am deeply honoured by the trust that the board of governors has demonstrated in my experience and ability. The CDB remains an instrumental partner in regional development. I look forward to working with all member states and a tremendous staff with zeal and unrelenting commitment.”