Barbados PM Seeks New Debt Repayment System for Caribbean Countries
The Prime Minister of Barbados, Mia Amor Mottley, promotes a debt repayment system for the Caribbean countries, similar to that granted to Great Britain after World War II, which gave that country the fiscal space to resume the development path, The Jamaica Observer reported on Sunday.
She was speaking at a University of the West Indies (UWI) Vice Chancellor’s Forum at the Distinguished Arthur Lewis event on June 21 at the UWI Cave Hill campus, which also included Professor Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University.
Lamenting the absence of such provisions in the international financial system, Mottley pointed out that middle-income countries have suffered a setback of at least a decade due to the COVID-19 pandemic.
Speaking on the theme “A Conversation on the Sustainable Future of Islands”, she highlighted disparities in the global financial system that provide developed countries with significant leeway to access finance on minimum repayment terms compared to to those in developing countries and to make financial decisions that have a global impact without any consultation.
“There must be something fundamentally immoral about a global community that is willing to use suitable proxies for them, as well as economists and bureaucrats, but which has nothing to do with the quality of life of our citizens that We intend to protect, protect in the United Nations (UN) charter established in 1945, aimed at protecting when the UN accepted that development is an inalienable right, aimed at protecting whenever we meet and whenever we bring those high-sounding statements, ”says Mottley.