‘Nimble responses to small states facing crises needed’

Jun 25, 2023 News

– Finance Minister at the Global Summit for a new Global Financial Pact

Kaieteur News – Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh has urged developing countries to provide nimble responses to small states facing crises. The Minister made this call on Thursday at the Global Summit for a new Global Financial Pact which was convened in Paris by French President Emmanuel Macron.

He said there is an urgent need for institutions to deal with the challenges of today. He joined other developing country representatives in calling for more nimble responses to small countries who faced crises – such as those of the Caribbean who face economic and environmental shocks on an increasingly frequent basis.

Senior Minister within the Ministry of Finance, Dr. Ashni Singh

The Minister also stressed the need for the institutions to support all countries – large and small – in dealing with the challenges of investing in climate security, energy security and food security, echoing the comments made by President Irfaan Ali at the United Nations General Assembly.

“President Macron is to be commended for gathering so many leaders in Paris to face up to the long overdue need for major reform in the global financial institutions. Today’s summit is just the start. Most countries present at today’s summit did not exist as independent countries when the International Monetary Fund (IMF), World Bank and other global institutions were founded – which is why the reforms championed by Prime Minister Mottley and others are so important. The heads of these institutions and their major shareholders all recognised this today – so I hope the coming months will see action to take forward the agreements of the last two days,” the finance minister said after the conference.

The Summit brought together over a hundred global leaders including the German Chancellor, Olaf Scholz, Brazilian President, Lula da Silva, U.S. Secretary of the Treasury, Janet Yellen and President Joe Biden’s Special Envoy and former U.S. Secretary of State, John Kerry.

The aim of the summit was to advance a reform agenda for the major global financial institutions, including a significant focus on the Bridgetown Agenda championed by Prime Minister of Barbados, Mia Mottley.

The new President of the World Bank, Ajay Banga and Managing Director of the IMF, Kristalina Georgieva took part in discussions focused on how these institutions can be reformed to be relevant to the challenges of the 21^st century – with a specific focus on supporting debt sustainability, climate finance and the attainment of the UN Sustainable Development Goals in all countries.

Minister Singh expressed his appreciation for President Macron’s leadership in convening leaders to focus on modernising these institutions. He commended the work that institutions like the IMF, IDB and World Bank had done over decades, pointing out that they had supported Guyana in the past.

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crises, Dr. Ashni Singh, finance, global, Global Financial Pact, Summit

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