Barbados Prime Minister Motley calls for overhaul of the unfair and obsolete global financial system: global problems

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

Indeed, the Bretton Woods Agreement that gave rise to the World Bank and the International Monetary Fund (IMF) “no longer serves the purpose in the 21st century that they did in the 20th century,” he said.

He called for a global pact stipulating that development finance cannot be short-term, but should instead be a loan of at least 30 years.

“The world recognized this when Britain was allowed to participate in the refinancing of its WWI bonds that were paid off just eight years ago, 100 years after World War I began,” he said with an example. .

He also said that Germany was allowed to limit debt payments to the equivalent of 5% of its exports, under the premise that the experience of the “cataclysm” of a war would not allow them to finance reconstruction while paying off the debts incurred during the war.

“We are no different, we have contracted debts for COVID-19, for the climate and now to fight this difficult time of inflation and [supply crisis]. Why [must the] the developing world finds money in 7-10 years when others have had the advantage of longer terms to pay it back [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 for this purpose, which in practical terms would directly help frontline nations. in the climate crisis.

“Any attempt to deny that the climate crisis has an anthropogenic origin is an attempt to delude ourselves and to admit that we want to be complicit in the continuing death and loss of damage that results from it to the people who are victims of it,” she said.

The Prime Minister has asked countries to take responsibility because otherwise the world will see no change.

“Pledges of loss and damage are absolutely essential if we are to make serious progress in saving our world … the confidence needed to push us to fight the great causes of our time will not be won by breaking promises,” he said.

He also pointed out that while small states like Barbados have made zero net commitments, the current state of global affairs, including Atlantic hurricanes, the war in Ukraine and the lack of funding, does not allow them to cut off access to their own resources. of natural gas at this time.

United Nations Reform and Equity

The Barbadian leader also referred to the words of the US president earlier this week and supported a reform of the Security Council.

“We call it an echo for that, but let’s go further. We believe that a Security Council that keeps veto power in the hands of a few will still lead us to war as we have seen this year, and therefore the reform cannot simply be in its composition but also [must include] the removal of that veto, “he said.

Ms. Motley also called for the reform of the G20 and G7 groups, arguing that Barbados “cannot accept” these “informal governing committees” when they have no representation of African descent and exclude 1.5 billion people worldwide. .

“How can it be expected to reflect fairness and transparency in its decision-making process?” He stressed.

He said that in order to move from “possibilities” to “realities” it is essential to embrace a framework of transparency that allows people who are losing faith in institutions that fairness means something.

“Fairness and unity are necessary to bring peace, love and prosperity to this world. And this is not romance, they are difficult realities that simply require decisions, “she explained.

Tell the truth

Finally, the Prime Minister said that world leaders must have mature conversations and speak to their people instead of relying on headlines and phrases, to avoid a disconnect between the government and the ruled.

“With these commitments, we can make a difference in this world and we must do so by recognizing that a world that reflects an imperialist order, hypocrisy and lack of transparency will not achieve that mission, but one that gives us freedom, transparency and a level playing field will allow for a difference. ”, He concluded.

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