Greater access to credit, manageable debt repayment structures and an equitable transition to a low-carbon world are some of the matters on the agenda of Prime Minister Mia Amor Mottley and President of France Emmanuel Macron.
Those talking points were highlighted after the two met in Paris on Friday.
“The president and Prime Minister discussed the first promising proposed solution which builds on solutions both initiated by France and advanced by the G20 in recent years, and the ambitious and innovative proposals of the Bridgetown Initiative, led by Barbados,” stated a press release from the Prime Minister’s Office on Friday.
“The aim is to address urgent liquidity needs through the greater sharing of IMF (International Monetary Fund) Special Drawing Rights, enlarged access to rapid credit facilities, more sustainable debt treatment, generation of the investment needed for greater economic and social resilience, and the just transition to a low-carbon world.”
It added: “The two leaders strongly support a substantial increase in lending by the World Bank and other multilateral development banks, a far greater direction of private capital to developing countries, through new instruments, and debt sustainability rules that better fit the global realities of the 21st century.”
Mottley’s visit to Paris follows COP 27 last November and the historic visit of France’s Minister of State for Development and International Partnerships, Franchophonie Chrysoula Zacharopoulou to Barbados in February.
Zacharopoulou became the first French minister to visit Bridgetown on official business.
Macron and Mottley also discussed the preparation of the Summit For A New Global Financial Pact, planned for June 22 and 23 in Paris and which seeks to lay the foundations of a more responsive, just and inclusive international financial system. (TG)