In light of the numerous crises harming the Community and putting Middle Income Countries at serious risk of losing their economic advantages and sliding into poverty, Heads of Government acknowledged the necessity for steps to enhance the functioning of the global financial system.
The climate crisis, debt, lack of access to food and water, the digital gap, health pandemics, antimicrobial resistance, and challenges to biodiversity are some of these issues.
Heads of Government acknowledged the urgent need to provide macroeconomic security, resilience, and sustainability for our countries as a result of the debilitating effects that Climate Change and other exogenous shocks were having on Small Island and low-lying coastal Developing States (SIDS) and other vulnerable developing countries.
They also pointed out that the current system was created when our countries had no influence and when there were different issues than there are now.
Government leaders concurred that it was now time to work together for a restructure of the world’s financial system in order to address the existential risks that face SIDS and other emerging nations.
They also concurred that The Bridgetown Project served as a workable foundation for future reforms of the world financial system.
Government leaders concurred to push for the Initiative to be discussed at COP28 in the United Arab Emirates later this year.
The worldwide summit on a “New Global Financial Accord,” proposed by the president of France and the prime minister of Barbados, was warmly welcomed by heads of state and received their complete support. The summit is scheduled to take place in Paris in June 2023.
