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Commonwealth finance ministers urged to change rules to make it easier to access funds


Posted in: Press Releases by volderine | 16 October 2017 | 872

    The Meeting in progress (Photo via Commonwealth Secretariat)
    The Meeting in progress (Photo via Commonwealth Secretariat)

    In a powerful intervention at the Commonwealth Finance Ministers Meeting (CFMM) in Washington DC, the prime minister of Saint Lucia called for the rules to be changed so countries affected by natural disasters could access funds more quickly.

    Over the past few weeks the Caribbean has been battered by three category five hurricanes which have left devastation in their wake. Parts of South Asia have faced floods, leading to hundreds of deaths. In Africa, Commonwealth member states have had to contend with the dual perils of mudslides and desertification.

    Speaking after the meeting at the headquarters of the International Monetary Fund (IMF) Saint Lucia’s prime minister, Allen Chastanet said, “While we’ve been theorising about the impact of climate change, this summer and other summers previously, we have seen in reality what it means. It requires us to accept the fact that some of our economies are going to be wiped out. We’re having to deal with the reality that our future is not within our control.

    “We came here and we’re continuing to plead with the donor agencies that the SIDS (small island developing states) be carved out and that we compartmentalise resilience building and we allow there to be a special fund that we can access, that’s at concessionary rates. Time has run out against us and it requires us to bring the human side back to what has taken place.”

    Read more at: The Commonwealth Secretariat

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