Government

V20 Finance Ministers Call For Shift From Austerity To Prosperity

Finance Ministers from the Vulnerable Twenty (V20) Group, representing 70 climate-vulnerable nations, convened their 13th Ministerial Dialogue today on the sidelines of the World Bank Annual Meetings in Washington, D.C. Ministers at the meeting issued a communique, calling for urgent financial governance reforms and far more equitable climate finance.

A V20 Communique, adopted at the meeting, endorsed initiatives and recommendations to deliver fair access to climate finance and debt solutions with relief and disaster support, while promoting resilience and sustainable development. Finance ministers at the meeting pointed out that recent climate disasters have exacerbated the debt and climate vulnerabilities of V20 nations.

The V20 Communique criticized the current financial system for “diverting crucial funds from the poorest nations to the wealthiest,” and stressed the need for better representation of climate-vulnerable economies in Bretton Woods Institutions, through more inclusive discussions and balanced governance.

Highlighting the work of the G20 Independent Expert Group (IEG), the Communique pointed to the “2023 net outflows from Emerging and Developing Countries which rose by USD 68 billion to USD 200 billion through extractions from private creditors in interest and net repayments.” This trend is forcing V20 countries to cut spending on health, education, and infrastructure.

Speaking at today’s Ministerial Dialogue, Prime Minister of Barbados, Mia Amor Mottley, Chair of the CVF-V20 Presidency, said: “The difficulty relates to scale and speed. In the absence of definitive decisions that can give us more space and time [to invest in climate and development], this is very worrying. The world is distracted by war, elections and geopolitics. That is our current reality. If I could recommend to this body a single action that would buy us more space. It would be settling a global methane agreement.”

Prime Minister Mottley added that new measures, such as a global taxation on shipping, should be used to fund adaptation needs in climate vulnerable countries, particularly coastal countries.

In addition to matters related to the impact of the climate crisis on debt and liquidity for CVF V20 members, during the two years of the Barbados presidency, Prime Minister Mottley will also focus on the impacts of climate change on human health, placing increased stress on health care systems, and the multidimensional nature of climate crisis.

Sovereign debt resolution was a core part of today’s discussions, as climate impacts exacerbate the debt crisis, further limiting the fiscal space needed to drive climate resilience investments. Finance Ministers noted “the need for the Common Framework to be overhauled to involve creditors, expand eligibility to middle-income countries and produce debt relief proportionate to climate and development investment needs.”

Significant emphasis was placed on Debt Sustainability Analyses (DSAs) that incorporate climate shocks and the full benefits of development-positive climate investments as well as climate-positive development investments.

Key Points from the V20 Communique:

The communique adopted following today’s discussions highlighted that “debt crises and climate impacts feed off each other, choking fund flows needed for resilience.” The Communique emphasized, “resolving sovereign debt must be central to any climate finance deal.”

It echoed the CVF Leaders Declaration issued during the UNGA in New York in September, which called for better representation of climate vulnerable countries in the International Monetary Fund, noting that the 15th and 16th General Review of Quotas ended without much-needed realignment.

Further highlighting “the inadequacy and inequitable structure of the Global Financial Safety Net,” the Communique called on the IMF to contribute to shock-proofing the global financial system. It also called on the IMF to launch a replenishment drive for the Catastrophe Containment and Relief Trust (CCRT).

The Communique emphasized the crucial role of the New Collective Quantified Goal (NCQG) to correct past shortcomings of the $100 billion target. “The NCQG must be ambitious, trackable and actionable,” the Communique stated. (PR/GIS)

Caption: Barbados’ Prime Minister and Chair of the CVF-V20 Presidency, Mia Amor Mottley, speaking at Vulnerable Twenty (V20) Group 13th Ministerial Dialogue in Washington,

Government

BARBADOS ELECTED PRESIDENT AND PROUD HOST OF THE XXXIV GENERAL ASSEMBLY OF MINURVI

The Honorable Dwight Sutherland, Minister of Housing, Lands and Maintenance, has been elected as the President of the Thirty-Fourth General Assembly of Ministers and High-Level Authorities of Housing and Urban Development for Latin America and the Caribbean (XXXIV MINURVI).

This prestigious appointment took place during the recently concluded Thirty-Third Assembly held in Belem, Brazil last week (December 12 and 13, 2024), setting the stage for an exciting future.

This significant development will see Barbados hosting the XXXIV Assembly for the first time next year, marking yet another extraordinary milestone for the country and the region, as the esteemed conference was last held in the Caribbean some ten years ago.

“I am extremely proud to be chosen to represent Barbados at this level. It is indeed a tribute to the remarkable display of leadership and vision that is now synonymous with the country,” Minster Sutherland stated.

“I step into this role with a commitment to further the institutional strengthening of the MINURVI coalition through enhanced collaboration among member countries. As I emphasised in my acceptance speech last week, there is an urgent need to build resilience within our territories amidst the escalating climate crisis, and this will be high on my agenda.

“The upcoming assembly promises to be a landmark event, fostering collaboration and innovation at a time when it is needed most. It presents a unique opportunity for local entrepreneurs to showcase pioneering housing solutions and collaborate with MINURVI partners in the development of innovative adaptive housing technologies and we look forward to an inspiring gathering that not only celebrates our achievements but also paves the way for a sustainable future,” he added.

With 35 member nations, MINURVI serves as a vital platform for dialogue and partnership, allowing Ministers and High-Level Authorities responsible for housing and sustainable urban development to converge, share best practices, and devise effective solutions to tackle the pressing challenges faced within the Latin American and Caribbean (LAC) subregion. (PR)

Government

National Peace Program Launches LIVEWISE Campaign

The National Peace Program (NPP) is rolling out more initiatives to engage young people in a meaningful way.

Minister of State in the Office of the Attorney General with responsibility for Crime Prevention, Corey Lane, today launched the LIVEWISE Campaign during a media briefing at Starcom Network.

“The LIVEWISE Campaign has 14 different programmes…. I believe about four or five of those are ready, … and members of the public will be able to see these exciting, quality programmes….

“One of the highly anticipated programmes for me is Turnaround, where you will see how a number of very serious characters in Barbados, who would have been known for some of the most serious crimes, have been able to turn their life around,” Mr. Lane stated.

He encouraged the public to also look out for the Consequences and Positive Profiles programmes, describing them as excellent.

He believes the campaign will assist in bringing about meaningful behavioural change and an awareness of NPP’s work. The LIVEWISE Campaign will commence soon, and the programmes will be available on radio, television, and various social media platforms.

Minister Lane stated that NPP partnered with the Great Hope Foundation and Minors Club to launch the National Extreme Games Platform, where young people will be exposed to riding bikes, ATVs, go-carts, bicycles, and mountain bikes off-road, in a safe way.

He noted that the National Extreme Games initiative was an opportunity to positively impact the lives of talented young people, while giving them an opportunity to receive personal and professional development, among other things.

Great Hope Foundation donated four bikes to the programme.

Meanwhile, Mr. Lane disclosed that NPP would be seeking to implement its 215 initiatives over the next three years.

Director of the Criminal Justice Research and Planning Unit, Cheryl Willoughby, stressed the importance of the initiatives. She agreed with Minister Lane that it was important that interventions conducted by NPP were data-driven.

“If they’re not, it means that you are putting resources where they are not needed,” Mrs. Willoughby surmised.

She disclosed that some of her staff would be going to Dodds Prison in January to interview young people who were on remand for murder.

She explained that they would be looking at the socio and economic backgrounds of these young people, among other things, and the information would be shared with the crime prevention officials, so the NPP’s programmes would continue to be relevant to its stakeholders.

The Director further disclosed that her Unit would be embarking on a National Victimisation Survey in the upcoming months.

“What is important about victimisation surveys is that these surveys unearth the hidden figures of crime…. Victimisation surveys…enable us to see the true extent of crime, because what we will do is compare official crime statistics with the data coming out of the victimisation survey,” Mrs. Willoughby indicated.

Those addressing the media briefing included CEO of Great Hope Foundation, Ward Trotman, and Tomar Haynes of Minors Club and the Extreme Games Platform. (PR/GIS)

Government

Barbados & Japan Explore Further Ways To Deepen Relations

Japan’s Ambassador to Barbados, Kayoko Fukushima, is satisfied that the relationship between her country and Barbados has been deepened as a result of several achievements during her tour of duty.

Ambassador Fukushima was paying a farewell call to Prime Minister Mia Amor Mottley, at Ilaro Court, earlier today, and reflected on her accomplishments, which included helping the fisheries sector to rebuild after Hurricane Beryl.

The two officials also spoke at length about boosting tourism arrivals; Japan’s collaboration with CARICOM countries in strategic areas such as renewable energy; and support for the Bridgetown Initiative, among other areas of bilateral engagement.

“It is so sad to see you go, but I hope that you will always keep Barbados in your heart and that you will return on vacation when you have a chance so that you can rekindle many of the friendships that you have made while here. People speak very fondly of you and that is a good thing…,” Ms. Mottley said.

Ambassador Fukushima thanked Prime Minister Mottley for the kind sentiments and said she looked forward to spending more time with her family and enjoying her hobbies during retirement.

Barbados and Japan established diplomatic ties on August 29, 1967. (PR/GIS)