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Mottley: Some Countries Will Restructure, Some Will Fall Apart

Trinidad Guardian:- The CARICOM Chair and Barbados Prime Minister, Mia Mottley, has expressed that in the midst of COVID-19, some small island developing states will successfully re-engineer their economies, while some will collapse thereby having a ripple effect on the nation and world.

Speaking in her address to the 73rd World Health Assembly, Mottley said: “Many countries will either have an orderly restructuring of debt or at the very least a debt moratorium that provides certainty for both the borrower and the lender, or they will have a disorderly unravelling that will create a crisis both within their respective countries and within the global financial markets.”

Mottley explained that this is the reason the region believes that there should be mature and relevant conversations for middle income, small island developing states across the globe especially as it relates to our debt obligations in the midst of this pandemic.

The Barbados PM gave reference to the country she leads, noting: “Barbados took a major leap of faith when we restructured our debt in the last 18 months.”

She indicated that the restructuring included natural disaster clauses in the nation’s domestic and external debt instruments that provide for greater fiscal space to be created through a moratorium on the payment of principal. It also allowed for a capitalization of the interest, should the country face a natural disaster.

Mottley argued the certainty natural disaster clauses provide is increased fiscal space. She continued: “Were this provision available in the context of this pandemic, it would bring tremendous relief to those countries and better position many of us to rebuild in a post-COVID-19 environment.”

She added that the Caribbean’s small states have been suffering from high debt and low growth for decades.

The CARICOM Chair also asserted, that because the Caribbean region’s economies ranks among the most travel and tourism-dependent economies in the world, it has exposed its people and economies in a way that it has not experienced since becoming independent nations more than fifty years ago, in some instances.

Mottley contended that this current crisis calls for global leadership that will allow the region to rebuild its humanity, environment and the equity so badly needed in its societies and economies.

She said that COVID-19 has not only brought people closer together, but it has equally cast a light on the inequities in societies.

 

8 COMMENTS

  1. I hope Bim not in it your cabinet is so big, and things not in the right order smh you all politians.

  2. Ms. Motley Big Respect : “High debt and low growth” sounds familiar. “18 Months ago Barbados took the initiative to RESTRUCTURED their debt” while 18 months ago this so called PM was running up frequent flyer miles with his Red Tin Cup begging and borrowing burying us in debt just to show the world St Lucia could be his way and we often wonder why Barbados IS ALWAYS AHEAD OF US.. you even carved out a “disaster clause” HA ! Not around here in St Lucia we are praying we get thru this hurricane season without a scratch ; right now we are broke and this government is not bend on restructuring a penny they are out spending and building just to please their fan base, but all good things must come to an end and reality will set in during the coming months when they have to sit down with the Loan Sharks IMF of which Manley, Castro, and Williams, who has written so many books for us to learn and understand ourselves as to why we should stay away from them. Ms. Motley may God bless you and keep on doing what you are doing and you country will always prosper. You are a great prime minister.

      • Ms. Motley Big Respect : “High debt and low growth” sounds familiar? Of course it does but to be exact “High dept and negative growth”. Isn’t that more familiar. 8% in 3 years can never be low growth.

    • Lucian High-grade. Just so you know , your beloved Mia Motley is now going the way our PM has proposed. She is going the way of bonds for civil servants and other measures out own country wants to implement to save St. Lucia. Guess what though? People like you are fighting against it while the Barbadians are embracing it and understand country comes before petty politics. Other island states like Trinidad and Grenada are also exploring our proposed St. Lucian modal. Yet still we praise these other countries but criticize our own.

  3. Some are already falling apart, thanks to the wasteful spending of the Government of the day. Our Asses are left expose to pe raped.

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