Caribbean outlines position on concessionary financing

Caribbean outlines position on concessionary financing

Monday, November 23, 2020

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GEORGETOWN, Guyana (CMC) — Threats posed by climate change and access to concessional development financing were among issues discussed during a weekend meeting between a senior British government official and the Caribbean Community (Caricom) Secretary General, Irwin LaRocque.

A brief statement issued following the virtual talks between LaRocque and Sir Philip Barton, the UK permanent under secretary of Foreign, Commonwealth & Development Affairs and head of the Diplomatic Service, said that it signalled “the strength of relations between Caricom and the UK”.

“They had fruitful discussions on matters pertaining to COVID-19 including access to vaccines; threat posed by climate change and access to concessional development financing,” the statement said, without giving any further details regarding the outcome of the deliberations.

Caricom countries have in the past called for international financial institutions and development partners to review the criterion for access to concessionary development financing by small developing states.

They have argued that access based on gross domestic product (GDP) per capita was not an adequate measurement since it did not take account of the inherent vulnerabilities of the Caribbean.


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