Barbados Prime Minister calls for new debt repayment system – Searchlight
The PRIME MINISTER of Barbados, Mia Mottley, has called for a debt repayment system for the Caribbean countries similar to what was granted to Britain after World War II, which allowed the country to ” have the fiscal space to return to the development path.
She was speaking at a UWI Vice Chancellor’s Forum at the Distinguished Arthur Lewis event on Monday, June 21 at the UWI Cave Hill campus, which also included Professor Jeffrey Sachs, Director of the Center for Sustainable Development from Columbia University.
Lamenting the absence of such provisions in the international financial system, Prime Minister Mottley stressed that middle-income countries have been delayed by 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 provided 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 strive to protect, 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 make those high-sounding statements, ” she said.
Prime Minister Mottley also stressed that training and education are two essential factors that will drive the development of Barbados in the years to come, and noted that the University of the West Indies has a vital role to play.
She said, however, that the challenges of implementing reform of education and other social services have been further compounded by threats posed by climate change associated with the global pandemic.
Professor Sachs, who has served as an adviser to former Russian President Boris Yeltsin, said countries around the world must work together, rather than a divisive policy, winner takes it all. qualified as dangerous.
“The discussions we’re having these days around the world are really big; I think these are the most consistent discussions the world would have had since the end of WWII, because the end of WWII, of course, required a fundamental shift. One of the best things that happened back then was the formation of the UN… We’re probably at a similar time in history with a number of tectonic plates moving around the world, things are changing so drastically that unless we are able to take a cooperative perspective on them, we will not only lose a historic opportunity, but we will endanger ourselves and the world tremendously. “
Professor Sir Hilary Beckles, Vice-Chancellor of the University of the West Indies, stressed the historic importance of the Mottley-Sachs conversation.
“This is the most important conversation we all face in the world today. How do we look at these post-colonial states in a globalized economy that insists on some control over the world’s resources? How do all these people go about claiming their fair share and their dignity in this world? What is the most efficient route? What is the nature of resistance and partnership? How do we combine seemingly conflicting forces to achieve collaboration and justice? Asked Vice Chancellor Beckles.
Governor General Dame Sandra Mason also attended the forum, which was held at the Errol Barrow Center for Creative Imagination.