Barbados Prime Minister Motley Calls for Restructuring of Unfair and Outdated Global Financial System – Global Issues

In her speech, Ms. Motley spoke at length about the need to reform the aging global financial architecture to better reflect today’s realities, for example by making it easier for climate-ravaged countries to access capital.

Indeed, the Bretton Woods agreement, which spawned the World Bank and the International Monetary Fund (IMF), “is no longer serving the purpose in the 21st century that it served in the 20th century,” he said.

He called for a global agreement that would state that financing for development cannot be short-term, but should be at least a 30-year loan.

“The world recognized this when Britain was allowed to participate in the refinancing of its First World War bonds, which were only paid off eight years ago, 100 years after the First World War began,” he said by way of example.

He also argued that Germany was allowed to limit its debt payments to 5 percent of its exports on the condition that the “cataclysm” of the war would not allow them to finance reconstruction while paying off wartime debts.

“We are no different, we have taken on debt from COVID-19, climate and now to fight this severe inflation and [supply crisis]. Why [must the] The developing world finds money in 7-10 years, while others benefited from longer repayment periods [loans]?” he asked the General Assembly.

Loss and damage

Ms. Motley also referred to the issue of loss and damage and praised Denmark for becoming the first central government in a developed country to propose a dedicated fund that would, in practical terms, directly help countries on the front lines of the climate crisis.

“Any attempt to deny that the climate crisis is man-made is an attempt to delude ourselves into admitting that we want to be complicit in the continued death and harm of the people who are victims of the crisis,” he said.

The Prime Minister asked the states to take responsibility because otherwise the world will not see any change.

“Commitments to loss and harm are of the utmost importance if we are to make serious progress in saving our world … the trust necessary to propel us to fight the great causes of our time is not won by broken promises,” he said. said.

He also stressed that while small countries such as Barbados have made zero commitments, the current state of global affairs, including Atlantic hurricanes, the war in Ukraine and a lack of funding, does not allow them to stop accessing their natural gas resources at this time. .

UN reform and justice

The Barbadian leader also referred to the words of the President of the United States earlier this week and supported the reform of the Security Council.

“We echo this, but we go further. We believe that a Security Council that retains the veto power in the hands of the few will still lead us to war, as we have seen this year, and therefore reform cannot simply be in its composition, but [must include] overturning that veto,” he said.

Ms Motley also called for reform of the G20 and G7 groups, saying Barbados “cannot accept” these “informal governing committees” unless they have representatives of African descent and exclude 1.5 billion people from the world.

“How can it be expected to reflect fairness and transparency in decision-making?”, he stressed.

In order to move from “possibilities” to “realities,” he argued, it was important to embrace a framework of transparency that would allow people who were losing faith in institutions to understand that justice meant something.

“For peace, love and prosperity in this world, we need justice and togetherness. And this is not romanticism, these are hard realities that simply require decisions, ”he explained.

Tell the truth

In conclusion, the Prime Minister said that world leaders need to have mature conversations and talk to their people instead of relying on headlines and buzzwords to avoid a disconnect between the government and the governed.

“With these commitments, we can make a difference in this world, and let us do it by recognizing that a world that reflects an imperialist order, hypocrisy and lack of transparency will not achieve this mission, but one that gives us freedom transparency and equal opportunities. allows us to make a difference, ” he finished.

Video player