Wed | Jan 16, 2019

Phillips urges G20 to make good on promise to region

Published:Saturday | October 11, 2014 | 12:00 AM


FINANCE AND Planning Minister Dr Peter Phillips is urging the G20 to make good on its promise to assist countries in the Caribbean to mitigate the effects of the financial recession of 2008.

Speaking at a Caribbean breakfast and caucus meeting in Washington, DC, on Thursday, Phillips expressed concern that the group of major economies has not kept its promise to provide financial support to assist the region.

Phillips reminded his audience that the Caribbean was most severely affected by the recession."We continue to suffer because the expectations that were generated in 2008, coming out of the first meeting of the G20 nations for resources to alleviate the plight of the region that was hardest hit by the crisis, have been unfulfilled," he stated.

The session was part of the annual International Monetary Fund (IMF) and World Bank board meeting, which is being held October 8-13.


Phillips told the gathering of Caribbean prime ministers, finance ministers, World Bank and IMF officials that there is urgent need for the G20 to fulfil its promise, citing the region's high debt burden, climatic vulnerabilities, along with energy insecurities.

He said Jamaica, for its part, has embarked on a strenuous programme of economic reform, through which the country must achieve certain targets.The G20 is a forum for the governments and central bank governors from 20 major economies.