The eastern Caribbean island of Barbados has reiterated its call for the reform of the international financial system.
This call came via the nation’s Prime Minister Mia Amor Mottley, who indicated that the call for financial reform is really not about governance.
According to Loop News, Mottley, who has been championing the Bridgetown initiative that is aimed at reforming the way rich countries finance poor countries in a climate crisis, said: “Our situation has been compounded by the (COVID-19) pandemic and therefore that long-term money is critical”.
Mottley, who under the Bridgetown Initiative, has noted that rich countries are able to borrow at interest rates of between one and four per cent, while it’s around 14 per cent for poorer countries, said developing countries like Barbados need what she termed “missionary oriented lending”.
