The Prime Minister of Barbados, Mia Mottley, has told global leaders that the international financial order requires “absolute transformation” during a summit aimed at overhauling the lending system for an era of climate change.
Mottley, who is a powerful advocate for reimagining the role of the World Bank and International Monetary Fund, said she had travelled to Paris “with a heavy heart but with hope” for the meeting which was hosted by France.
The Summit for a New Global Financial Pact seeks to find financial solutions to the interlinked global goals of tackling poverty, curbing planet-heating emissions and protecting nature.
Mottley said this during a summit titled “inflection moment”.
Mottley, whose country has revealed a detailed plan for how to fix the global financial system to help developing countries invest in clean energy and boost resilience to climate impacts, said: “What is required of us now is absolute transformation and not reform of our institutions.”
The ideas include adding a clause into debt to permit countries to pause repayments after a shock.
While underscoring the challenges encountered by small island nations, Mottley said her region was currently under tropical storm watch and she had been compelled to take a difficult decision over whether or not to stay.
She said: “We come to Paris to identify the common humanity that we share and the absolute moral imperative to save our planet and to make it liveable.”
SUPPORT NIGERIAN CANADIAN NEWSPAPER CANADA
If you like our work and want to keep enjoying what we offer, kindly support us by donating to the Nigerian Canadian News by clicking here
Share your thoughts in the comments section below
Do you want to share any news or information with us? If yes, contact the publisher at publisher@test1.nascitest.club
