Barbados PM seeks new debt repayment system for Caribbean countries

The Prime Minister of Barbados, Mia Amor Mottley, promotes a system of debt repayment of Caribbean countries similar to that granted to Great Britain after World War II, which gave the country the margin of fiscal maneuver needed to get back on track to development, 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 been delayed by at least a decade due to the COVID-19 pandemic.

Speaking on the topic “A Conversation on the Sustainable Future of Islands”, she highlighted the disparities in the global financial system that provide developed countries with significant leeway to access financing on minimum repayment terms by compared to those of developing countries and to make financial decisions that have a global impact without any consultation.

“There has to 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.

Tana T. Thorsen