Prime Minister Mia Amor Mottley has urged major changes to the global financial system, warning that current measures fail to account for the realities facing vulnerable countries like Barbados.
She made the appeal during a high-level discussion in Washington, D.C. on Tuesday, held as part of Spring Meetings week and focused on debt, development and global instability.
Mottley argued that traditional indicators such as debt-to-GDP and income levels do not reflect the true exposure of small states to external shocks, including climate change, rising energy costs and global conflict. She said vulnerability must be recognised as a key factor in determining access to financing.
She also stressed the need for long-term, affordable funding for critical sectors such as education, water and health care, noting that these areas are essential to national development and stability.
The Prime Minister linked ongoing global conflicts and supply chain disruptions to increasing economic pressures in small open economies, including higher food and fuel prices and reduced fiscal space.
Pointing to Barbados’ recent economic performance and reform efforts, she said practical solutions are achievable with strong leadership and political will.
Mottley maintained that vulnerable countries should not be forced to struggle for support, calling for faster action and a more equitable system that allows them to plan and develop with stability and dignity. (Nationnews)
