Government

Minister Straughn Reiterates Call For International Finance Reform

Minister in the Ministry of Finance, Ryan Straughn, has continued the call for the reform of the international financial architecture in order for small and developing states to properly access financing to facilitate the mitigation against the climate crisis.

Mr. Straughn made the call last week as he joined senior government officials from across the globe in Paris, France, at the Organisation for Economic Co-operation and Development (OECD) Inclusive Forum on Carbon Mitigation Approaches Ministerial Dialogue (IFCMA), titled “Optimising Global Climate Action through Data, Policy Advice and Increased International Cooperation”.

“It is important for the world to understand that vulnerability is an important element to the stability of small countries like Barbados. And therefore, as we advocated under the Bridgetown Initiative, we really do need some urgent and decisive reform, not just to the International Financial Architecture, but really in terms of how the globe cooperates to achieve this very important objective,” Minister Straughn said.

“The inclusive forum is critically important, especially for small states like Barbados. Being able to adequately measure and report on our climate mitigation and adaptation activities is a critical role that it can play in relation to that. But Barbados, as a small island state, we are also on the flip side a large ocean state. And therefore, the unlocking of the carbon credits market is going to be critical for allowing us to be able to ensure that with the just transition, even though we’re not large emitters, we are doing things that will help to be able to mitigate against the Climate Crisis,” he added.

Minister Straughn was accompanied by Ambassador to Belgium and the European Union, Simone Rudder, and Barbados Revenue Authority Revenue Commissioner Lewis-Ward, and met with key French-Barbados stakeholders and with OECD Tax Policy officials to finalise discussions ahead of the implementation of Domestic Minimum Top Up Tax in May 2024.

The high-level dialogue was moderated by OECD Secretary-General Mathias Cormann and featured contributions from Japan’s Prime Minister, Fumio Kishida; and OECD Chief Economist, Clare Lombardelli. The panel included the Netherlands’ Deputy Prime Minister and Minister of Social Affairs and Employment, Karien van Gennip; Indonesia’s Minister of Finance, Sri Mulyani; Singapore’s Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, Grace Fu; Chile’s Minister of Finance, Mario Marcel; and Mauritius’ Minister of Finance and Economic Development, Renganaden Padayachy.

Prime Minister Fumio Kishida opened the session by discussing how better data and information sharing, evidence-based mutual learning, and inclusive multilateral dialogue through the IFCMA can support countries in optimising the global impact of their emissions reduction efforts. (PR/GIS)

Caption: Minister in the Ministry of Finance, Ryan Straughn (centre); Ambassador to Belgium and the European Union, Simone Rudder (left); and Barbados Revenue Authority’s Revenue Commissioner, Louisa Lewis-Ward (right), at the recent OECD Inclusive Forum in Paris, France

Government

Barbados Votes To End Embargo On Cuba

Barbados joined the United Nations General Assembly (UNGA) in condemning the United States’ economic embargo of Cuba for the 32nd consecutive year, when the resolution entitled: “Necessity of ending the economic, commercial and financial embargo imposed by the United States of America against Cuba” was considered during a meeting held on Wednesday, October 30.

The United Nations overwhelmingly passed the resolution by a vote of 187 (in favour) to two (against), with one abstention. Only the United States and Israel voted against it.

During the delivery of the national statement, Chargé d’Affaires/Deputy Permanent Representative of Barbados to the United Nations, Kereeta Whyte, informed the UNGA that: “The sentiments we express today are not new. They reflect the deep conviction we have articulated in this Assembly over the years. Indeed, since this resolution was first introduced in the General Assembly at its 46th session, in 1991.

“The Government of Barbados once again calls for an immediate end to the embargo and urges the removal of Cuba from the US Department of State’s list of alleged state sponsors of terrorism, a designation that only exacerbates the suffering of the Cuban people.

“We believe that dialogue is the path forward. Barbados values its strong relations with both the United States and Cuba and calls on the US Government to engage in meaningful negotiations with Cuba to normalise relations. This step would not only reduce tensions but also pave the way for greater peace, cooperation, and development in our region.

“Barbados will continue to advocate for the lifting of the economic, commercial and financial blockade, which is critical for the people and Government of Cuba to achieve full prosperity.” (PR/GIS)

Government

MORE WORK NEEDED TO ACHIEVE SUSTAINABLE DEVELOPMENT GOALS

As the year 2030 quickly approaches, countries, including Barbados, need to speed up their efforts to achieve the United Nations Sustainable Development Goals (SDGs).
This word comes from Minister in the Ministry of Economic Affairs and Investment Senator Chad Blackman, as he addressed Friday’s Validation Workshop for the Baseline Study on the Priority Sustainable Development Goals Indicators for Barbados at the Sagicor Cave Hill School of Business, where he insisted that countries had become too lax in meeting the necessary targets for the 2030 Agenda for Sustainable Development, which adopted by all UN Member States almost a decade prior.

He said, “We are virtually at the end of 2024, which now leaves us just six years to that magic number of 2030. Whilst there are a lot of goals that Barbados has achieved, the world, including Barbados, has still not met a number of them in the way that we should. And, therefore, we have six years to really redouble, or some might argue, re-triple our efforts, so as to be able to tangibly achieve these objectives. But, we can’t do it alone.
He added, “The government can’t do it on its own; the private sector can’t do it on its own; civil society can’t do it on its own; it has to be government, private sector, civil society, the man on the street…. So that the entire society moves forward in a cohesive way…to meet these targets. Therefore, it calls for an out of box approach so as to ensure that we can meet these targets. Therefore, we have to use all our creativity. We have to use nonconventional ways of trying to help us to achieve these targets.”
Blackman noted that an “out-of-the-box” will be necessary for Barbados and other countries to effectively move the needle to reach the set targets.

Government

XVI Ministerial Forum On Development Starts October 30

The Government of Barbados, the United Nations Development Programme (UNDP), and the Economic Commission for Latin America and the Caribbean (ECLAC) will host the XVI Ministerial Forum on Development in Latin America and the Caribbean, as a space to discuss opportunities to build resilience against future shocks that continue to challenge development in the region.

The Forum will be held from Wednesday, October 30 to Friday,1 November at the Wyndham Grand Barbados Sam Lords Castle. The event will be inaugurated by Prime Minister Mia Amor Mottley, UNDP Administrator Achim Steiner, and ECLAC Executive Secretary, José Manuel Salazar-Xirinachs, and is expected to have over 150 participants, including more than 20 Government delegations from the region. The full agenda is available here.

This gathering builds on the discussions initiated at the XIII Ministerial Forum in Antigua and Barbuda in 2021, which discussed disasters and social protection systems in the context of protracted crises. The XVI Ministerial Forum will discuss how the region can advance and protect social gains in the context of more frequent and intense shocks.

A Ministerial Declaration is expected to be the outcome of the Forum. The Declaration aims to be a roadmap for transformative policy action and impactful initiatives that transcend boundaries, ultimately steering the region toward a more equitable and resilient future.