Thu | Sep 21, 2017

Phillips wants international community to pay attention to Caribbean’s economic troubles

Published:Monday | October 12, 2015 | 10:39 AM
Dr Peter Phillips. The European financial website, emergingmarkets.org, has quoted Dr Phillips as saying populations in the Caribbean will lose patience with international institutions if they fail to provide the resources to modernise infrastructure.

The Finance Minister Dr Peter Phillips wants the international community to pay urgent attention to the Caribbean’s economic troubles to avoid grave social consequences.

The European financial website, emergingmarkets.org, has quoted Dr Phillips as saying populations in the Caribbean will lose patience with international institutions if they fail to provide the resources to modernise infrastructure.

According to Dr Philips, the Caribbean is facing a particularly difficult situation where growth is low while debt and vulnerability to climate change are high.

He was speaking on the weekend during meetings of the International Monetary Fund and the World Bank in Peru, where finance ministers are exchanging ideas on the challenges facing the region.

In an interview with financial publication, The Banker, Dr. Phillips further argued that the Caribbean has justifications for concessionary rates from multilateral institutions:

 

finance minister Dr. Peter Phillips.

He says while he's confident Jamaica will achieve its target of a 96 per cent debt-to-GDP ratio, that target is still not satisfactory.

However, Dr Phillips says without help from the international community, Jamaica will not be able to achieve the necessary growth to lower the debt to GDP rate at a faster pace.