Financing critical to attainment of the MDGs: Ambassador GoddardListen /
The Monterrey Consensus and the Doha Declaration emphasize that the mobilization of both public and private financing is critical to the attainment of the common objectives of growth, poverty eradication and sustainable development, the Permanent Representative of Barbados Ambassador Joseph Goddard told a Roundtable discussion on 'Mobilization of Public and Private Financing, including Foreign Direct Investment and other Private Flows'.
He said the ongoing financial and economic crisis, in its myriad permutations, has significantly impacted the development cooperation landscape and this Dialogue takes place against a backdrop where we must seek to maneuver in a very challenging international political and economic environment.
” Barbados, has sought to enact a variety of initiatives to help in the attainment of its development goals. One example is the establishment of an Enterprise Growth Fund which is a joint public/private sector initiative where Government provides capital for the Fund to invest in small and medium enterprises via loan and equity financing. An example of these areas are : Agricultural development, Energy efficiency, Industry, Investment and Employment, Innovation, Small Hotels Investment and Tourism-specific loans.”
Ambassador Goddard said while acknowledging that the premise of the Monterrey Consensus, which was further advanced in the Doha Declaration, is predicated on the fact that each country has primary responsibility for its own socio-economic development, Barbados believes as a small, vulnerable economy, it cannot do so alone.
“The issue of debt sustainability is also of interest to us. Indeed, a key development challenge facing Middle Income Countries (MICs) such as Barbados and other Member States of CARICOM, is the onerous nature of our debt to GDP ratio. However, due to the classification as an MIC, we now have limited access to concessionary financing which includes the provision of debt relief and the disbursement of grants and loans. The access to such funding would contribute towards alleviating the economic situation and stymie the erosion of development gains which we have made to date. Barbados will therefore continue to insist on alternative ways to measure development beyond GDP.”
Ambassador Joseph Goddard of Barbados.
This is Donn Bobb reporting.