Saturday 4 July, 2020

PM calls for global financial system that focuses on most vulnerable

Andrew Holness

Andrew Holness

Prime Minister Andrew Holness has called for the creation of a revamped system of global, financial and monetary governance that focuses on the most vulnerable groups in society.

He was addressing the United Nations (UN) ‘Virtual High-Level Event on Financing for Development in the Era of COVID-19 and Beyond’ on Thursday.

The prime minister co-convened the event along with the Prime Minister of Canada, Justin Trudeau; and UN Secretary-General, António Guterres.

The virtual meeting was aimed at advancing concrete solutions to the development emergency caused by the COVID-19 pandemic.

Holness said that the pandemic has demonstrated that “every country and every citizen is vulnerable, and to build economic and social resilience, we must rethink the traditional indices of vulnerability”.

“This pandemic is a wake-up call for the international community to reinvigorate a comprehensive system of global economic governance, one that can cope with the global disruptions while promoting inclusive development,” he added.

Holness argued that without such strategic and decisive response, amidst declining economic growth and increasing uncertainty, the social and economic fallout from the pandemic could persist.

“Access to emergency liquidity support for developing countries, which can least withstand shocks to their economies, is key,” he said.

The prime minister said that world leaders shoulder a tremendous responsibility to take action in the face of the global challenge, but there are opportunities as well.

“This crisis represents a unique opportunity to remedy socio-economic disparities. We have a duty to ourselves and succeeding generations to put in place a bold, innovative and resilient system to address the profound structural issues that impact our economies and our people,” Holness said.

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