Bridgetown Initiative 2.0 Highlights Six Key Action Areas
“The world is running out of time to fix its international financial system that is broken, outdated, infested with short-termism and downright unfair. Too many countries are being prevented from fighting the climate crisis and from creating decent opportunities for billions of people – their citizens. If countries cannot access the finance they need at rates they can afford, the world will lose the battle, not simply the countries. What is good for the North is good for the South, East and West! This is the best development strategy for the people of the developing world. This is the best development strategy for the planet.” – Prime Minister Mia Amor Mottley of Barbados
(Barbados Government Information Service Press Release) The United Nations Secretary-General and the Prime Minister of Barbados joined forces under the Bridgetown Initiative to address the immediate needs of countries facing debt distress and liquidity challenges, proposing a large-scale SDG Stimulus package to invest in the Sustainable Development Goals (SDGs), while stressing the need for reform of the international financial architecture.
According to the 2023 Financing for Sustainable Development Report, 52 low- and middle-income developing economies are either in debt distress or at high risk of debt distress, accounting for more than 40% of the world’s poorest people.
“The international financial architecture is short-sighted, crisis-prone, and bears no relation to the economic reality of today,” said UN Secretary-General António Guterres.
Convened at the UN Headquarters in New York by Secretary-General António Guterres and Prime Minister Mia Amor Mottley, participants included experts from academia, civil society and national governments. They considered concrete actions to advance immediate game-changing steps and longer-term reform.
Read more at: Barbados Government Information Service