Fri | Dec 9, 2016

World Bank should meet with Caribbean finance ministers urgently says president

Published:Tuesday | October 14, 2014 | 12:58 PM
President of the World Bank, Jim Young Kim (left) is greeted by Jamaica's Minister of Finance and Planning, Dr Peter Phillips. - JIS

WASHINGTON, DC (JIS):

President of the World Bank, Jim Young Kim, is to meet with Caribbean Ministers of Finance and Governors of central banks at a summit early next year, to examine how the bank can assist with formalising projects related to debt overhang, slow growth, climate change and high electricity rates.




President Kim, who met with Ministers of Finance as well as Governors of central banks from the Caribbean who are attending International Monetary Fund (IMF) and World Bank meetings, at its headquarters in Washington, DC, on October 12, said there is an urgent need for the World Bank to meet with the Ministers of Finance to develop a strategy to assist Caribbean countries.



“We are very much concerned about the Caribbean and we are ready to assist in any possible way, once we can create the programme which will be beneficial to all,” he said.



Kim said he is aware that the Caribbean is going through a difficult time, and he encouraged the Caribbean Finance Ministers to meet among themselves to examine possible proposals they can present at the summit.



The proposal by the World Bank President to host the summit of the Caribbean Finance Ministers, came as a result of a request from Minister of Finance and Planning, Dr Peter Phillips, who is concerned that the high debt of Caribbean countries as well as debt overhang, slow growth, climate change and high electricity rates will hinder progress.



The Minister emphasised that there is an urgent need for these matters to be addressed and for concessional financing, in terms of debt restructuring.



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