Global financial and economic crisis continue to have negative impact on CARICOM

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Ambassador Delano Bart

Meeting the Millennium Development Goals before the 2015 deadline and paving the way beyond hinged on a strong financing framework that reflected a changing landscape of climate emergencies, economic crises and innovative solutions, delegates heard as the General Assembly held a two-day High-level Dialogue on Financing for Development.

Ministers and other representatives of Member States, as well as speakers from the private sector and civil society were participating in the meeting, which included three interactive multi-stakeholder round tables and an informal interactive dialogue.

The representative of St. Kitts Nevis, Ambassador Delano Bart, speaking on behalf of the Caribbean Community (CARICOM) said the global financial and economic crisis along with the food crisis and volatile food prices continue to have a negative impact on the small, vulnerable economies of developing countries.

He said that as we head into a post-2015 development framework, it was incumbent upon all to determine ways in which they can address the issue of the availability of domestic and international financing for development.

“As we continue to grapple with the global economic crisis, the integrated framework adopted by the Monterrey Consensus and later the Doha Declaration provides a useful platform for international cooperation on economic and financial issues which will help countries to overcome multifaceted development challenges that ultimately undermine poverty eradication and sustainable development.  CARICOM can never overstate our concern over the insignificant recognition by the international community  of the needs and concerns of small, open, vulnerable and highly indebted economies like ours, which by virtue of GDP per capita are classified as middle and even high income countries. This is a critical development challenge faced by our member states, many of whom have a debt to GDP ratio of 100% which reduces significant available fiscal space and inhibits our ability to attain some of our development goals.” 

Ambassador Bart said CARICOM acknowledges that in its efforts to marshal international resources, it is essential that the region assumes new and innovative approaches.

“The role of international trade is indispensable in advancing the development prospects of developing countries and enhancing our capacity to mobilize domestic financial resources for development. In order to maximize the potential of trade, it is necessary to uphold a universal, rules-based, open, non-discriminatory and equitable multilateral trading system that contributes to growth and sustainable development. In this context, CARICOM reiterates its call for the conclusion of the Doha Development Round of Negotiations which commenced over a decade ago. Failure to do so is constricting the fundamental objectives of the round and the explicit commitments to address development issues head on. CARICOM emphasizes the urgent need for an informed discussion of international cooperation in tax matters within the context of a meaningful dialogue on financing for development – that is the common pursuit of all countries to achieve economic growth, meaningful development and poverty eradication.”

St.Kitts-Nevis’ representative Ambassador Delano Bart. This is Donn Bobb reporting.

Duration:  3’31″

Filed under Caribbean News.
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November 2017
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