Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin



News from the Caribbean:


Back To Today's News

Trinidad finance minister calls for more proactive approach by G24 countries
Published on April 12, 2014 Email To Friend    Print Version

WASHINGTON, USA -- Trinidad and Tobago’s finance and the economy minister, Larry Howai, has issued a call for the G24 group of countries to take a leadership role in formulating an appropriate mechanism to facilitate an orderly and predictable restructuring of sovereign debt at a G24 meeting on Thursday in Washington DC.

larry_howai2.jpg
Minister of Finance and the Economy, Senator Larry Howai
At the meeting, of which Trinidad and Tobago is a member, Howai made a statement on the need for special consideration to be given to the needs of small island Caribbean states.

The minister stated that Caribbean economies are locked in a vicious cycle of low growth and high debt and because of their middle-income status, concessional financing is generally unavailable. He added that, even though some countries have entered into debt restructuring programs with the IMF, the outcome of such restructuring can be described as "too little, too late".

"Given the limited progress in advancing a comprehensive debt workout framework, we are calling on the G24 (as the representative body for emerging market and developing economies) to take a leadership role in formulating an appropriate mechanism to facilitate an orderly and predictable restructuring of sovereign debt,” Howai said.

He further urged that a collaborative approach should also be undertaken with international financial institutions and other stakeholders to generate the best possible outcome for the restructuring of sovereign debt within the Caribbean.

The minister also highlighted the risks and setbacks on economic development faced by EMDCs and LDCS as a result of disasters both anthropogenic and natural.

While noting that greater financial assistance is available from development partners for mitigation of climate change than for disaster risk management, the minister also called for the establishment of a special fund, on concessional terms to assist with natural disasters.

He stated that the establishment of such a fund would be a welcomed initiative by the Caribbean region.

The minister made these calls in his capacity as a member of the Board of Governors of the International Monetary Fund ("IMF") at the annual Spring meetings of the IMF and the World Bank Group in Washington D.C.
 
Reads: 2238





Click here to receive daily news headlines from Caribbean News Now!



Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, we will never see it!

Your Name:

Your Email:

(Validation required)

Comments:
Enter Code



Please note that, if you are using an AT&T domain email address, e.g. att.net, bellsouth.net, sbcglobal.net, the verification email will likely not be delivered. This is outside of our control and the only remedy seems to be for readers to complain to AT&T





Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.



Other Headlines:



Regional Sports: