Prime Minister Mia Mottley voiced her disappointment over the sluggish pace of global financial reform, despite acknowledging some progress in addressing the needs of small island developing states.
Speaking during an interview with the independent think tank, the Council on Foreign Relations, while in New York for the UN General Assembly, Mottley emphasised the urgency of reforming the financial system to better support nations grappling with climate-related disasters.
“I’m pleasantly surprised that we were able to be part of a wave that recognises the need for reform,” Mottley said. “But I’m disappointed that the pace we need is still not there.”
The Bridgetown Initiative, which Mottley first launched in 2022, aims to overhaul outdated global financial systems to provide small, climate-vulnerable nations with improved access to affordable financing and debt relief. It has become a cornerstone of Mottley’s international advocacy, seeking to ensure representation for these nations in global decision-making forums.
With the introduction of what she termed an updated initiative, dubbed Bridgetown 3.0, Mottley called for a “reset of attitudes across the world,” highlighting that while some changes have been initiated, they are insufficient to meet the urgent climate crises faced by small island nations.
“So that’s why we’re starting Bridgetown 3.0, to remind us that we need to continue to change the rules of the game,” she remarked.
Mottley drew attention to the stark disparities in borrowing conditions between developed countries and nations like Barbados which often find themselves trapped in high-interest loans to manage climate disasters.
“How is it that Ghana and other countries in Africa are borrowing at multiple rates of what European countries can borrow at, in circumstances where the needs are greater?” she asked.
The prime minister asserted that there is a pressing need for a fundamental reset regarding equity and treatment disparities.
While she welcomed recent reforms at the International Monetary Fund and greater representation for African nations, Mottley stressed that much more must be done to ensure that the voices and challenges of small, vulnerable nations are adequately addressed.
Referencing the recent passage of Hurricane Beryl, which devastated 90 per cent of Barbados’ fishing industry, she pointed out that the nation is now faced with challenging decisions amid limited financial resources. These resources must be allocated between immediate recovery efforts and long-term resilience investments.
Despite her frustrations with the current pace of change, Mottley expressed hope for future progress. “I am hopeful that, if we can get leaders to understand that it’s not personal to them but that we do need to break the mould of some of the institutional intransigence, that we can actually make serious progress,” she said.
She urged the global community to push forward with significant decisions needed to tackle issues of debt, climate change, and inequality: “Sometimes in the heat of the moment, things can look very different from what they are.”
Mottley added: “I hope that by bringing greater levels of public awareness, we will keep the pressure on [leaders] to make the big decisions needed to keep future generations safe.”
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