Mottley calls for regional unity to deal with global issues

ROSEAU (CMC):

Barbados Prime Minister Mia Mottley has called on Caribbean countries to support the Bridgetown Initiative, which is a call for urgent and decisive action to reform the international financial architecture.

Addressing the 70th anniversary of the ruling Dominica Labour Party (DLP) in the west coast village of Dublanc on Sunday night, Mottley, who is also the chairman of the 15-member Caribbean Community (CARICOM) grouping, said as the region fights “these battles that are causing us to face high debts that are causing us to face cost of living increases that we try to shield you from” it is incumbent that there be closer collaboration among regional countries.

She said gone are the days when entities such as the water authority used to keep spare parts in stock, because the supply chain has been disrupted.

“They don’t keep inventory sitting down anymore so that our whole concept and our whole understanding has to change, and the first thing I say to you as Caribbean people is that we have to find common purpose and work together, because if we are stronger together then it means we can achieve objectives together, working together.

“You know it and what it means is that there are some things we must do together. We have to be able to make sure we can work together to get a better deal for our countries. We cannot build schools and hospitals…with 10 year money and 15 year money.

“It is too short. When you go to borrow for a house, you look to borrow for 20 years and 25 years because you need the time stretched out to pay back for the house. The government is no different.

“But if the government is only getting 10 year money overseas it means that by the time you go next to fix your other set of problems, you tie up, tie, up and choke up with debt. You have to stretch it out.”

Mottley told the rally that this is what the Caribbean has been fighting for in the Bridgetown Initiative, which is a proposal to reform the world of development finance, particularly how rich countries help poor countries cope with and adapt to climate change.

The initiative, spearheaded by Barbados, focuses on six action areas aimed at “building a more equitable, fit-for-purpose development finance structure. So far, the initiative has provided a platform and voice to demand financial and climate justice, as was evident during the 27th United Nations Climate Change Conference (COP27) held in Egypt in November 2022, where an agreement to establish a loss and damage fund was announced.

Mottley told the rally that the Caribbean needs “longer debt … cheaper debt, because we need to build countries for our people.

“And if we build countries where our people want to stay, nobody ain’t looking to go foreign, nobody ain’t looking to go US or UK and that is why we make the point that the Caribbean region, we have to stick together, because if we can create these policies, if we could get a little bit more elbow room to do the things that we need to do, then we can continue to deliver for you because the tradition of Labour parties is that we don’t only seek prosperity for the sake of prosperity, we seek it to make the average person, the workers of our country, better and stronger…”.

Mottley, whose visit here led to the opposition groupings, including the Electoral Reform Coalition, calling on her not to be engaged in partisan politics as CARICOM chairman, said leadership matters in today’s world “because if you don’t have the right leadership you will end up with confusion”.