PM Mottley Renews Calls for Restructuring of Global Financial System
(Barbados Today) Prime Minister Mia Mottley Monday reiterated a call for a restructuring of the global financial system and urged the Pan American health organisation (PAHO) to continue its efforts to assist small developing countries like those in the Caribbean deal with the impact of the coronavirus (COVID-19) pandemic that has killed 998,000 people and infected 33.1 million worldwide since last December.
Addressing the PAHO’s virtual 58th Directing Council meeting, Mottley said that despite the Caribbean needed the restructuring of the world financial system if it is to meet the future socio-economic demands of its population.
“We welcome the effect of COVID-19 in bringing a growing realisation to the world, the global financial system must be restructured and indeed revolutionised and democratised. Only in this way can vulnerable sub-regions like our own Caribbean Community (CARICOM) escape the prison of the false capital base middle income categorisation which is blocking us from receiving much needed financial aid, while penalising our efforts at creative sustainable national economies.
“We refrain from settling on more appropriate proxies like a vulnerability index that will better measure our capacity to absorb shocks like this and our capacity to be able to respond to them.
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