The Honourable Kamla Persad-Bissessar Prime Minister of the Republic of Trinidad and Tobago has today addressed the United Nations General Assembly’s Thematic Debate on “The UN and Global Economic Governance”.
The Prime Minister made a strong appeal, on behalf of Small States – in particular the countries of the CARICOM Region – for more open dialogue among Small States, the G20 and multinational lending organizations such as the International Monetary Fund, to address the unique issues faced by small, vulnerable states around the world.
The Prime Minister acknowledged the high dependence by Trinidad and Tobago and CARICOM on the economies of the United States and Europe and the resultant negative effects impacting the Region, due to the on-going global financial crisis.
Prime Minister Persad-Bissessar congratulated the IMF on current improvements made to its lending facilities, including the introduction of Flexible Line Credit, the Post Catastrophic Debt Relief Trust and the introduction of the Rapid Financial Instruments. However, in her address, she advocated the need for greater Concessional Financing for Small States.
The Prime Minister put forward several considerations for an improvement in global economic governance including, changes to the international architecture in which the IMF and G20 sit; a leveling of the playing field between small and large states with regard to international financial regulation and assessment; and a call for changes in criteria used by multinational lending institutions.