Latin America and the Caribbean continue to weather relatively well the problems currently afflicting the global economy, Inter-American Development Bank President Luis Alberto Moreno said at a meeting of central bankers and finance ministers.

Speaking to members of the Group of 30, Moreno said: “Indeed for many countries, the external environment has been relatively positive, and the region has made significant and fundamental advances. Still, the region is in a position to advance even further.”

Progress, however, has been uneven. Countries that are net exporters of commodities to emerging markets or are capable of attracting foreign investment have outpaced their regional peers, Moreno noted.

Notwithstanding their current performance, Latin American and Caribbean governments need policies to offset risks building up in the global economy. Among the most pressing issues, Moreno listed preventing financial contagion in their banking systems, mitigating the effects of declining commodity prices, containing domestic inflationary pressures and addressing structural problems often overlooked due to short-term concerns.

Moreno made his remarks at a meeting of the Group of 30, which brought together central bankers, finance ministers, international financial institution leaders to discuss the global economic and financial outlook.

Formally known as the Consultative Group on International Economic and Monetary Affairs, the G30 is composed of senior representatives from the public and private sectors. In their meetings members and guests examine challenging issues, discuss policy options and analyze the potential impact of their implementation