Following the passage of Hurricane Elsa just over a week ago, Prime Minister Mia Amor Mottley is again making the push for a change in the criteria for access to international concessional financing, stressing that vulnerabilities to climate change must be a factor.
“There needs to be that level of blended finance but more and more because of the absence of fiscal space in our countries, the need for more grant funds because loans will only increase our debt to GDP ratio and make it more difficult for us to pursue the Sustainable Development Goals, which are the essence of our development policy as nation states… Now, the cost of capital therefore ought to be as concessional as possible and the only way that is going to happen is if we start to look at what is the real vulnerability of nation states.
“Now if we accept that the vulnerability of states is germane to what you’re doing, then how can it not be germane to the international financial institutions,” said Mottley.
She made the comments during the hosting of a joint virtual press conference with COP 26 President Alok Sharma, at Ilaro Court yesterday. (CLM)
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