Extraordinary support needed for immediate challenges in developing states – Dr Ashni Singh

IMF/World Bank meeting

…makes representation for volcano ravaged St Vincent

Finance Minister Dr Ashni Singh, in taking part in meetings with the International Monetary Fund (IMF) and World Bank, has represented on behalf of developing states and emphasised the need for the developed world’s support for the immediate challenges they face.
In a statement on his social media account, the Finance Minister revealed that on Saturday he met with the Director of the IMF’s Western Hemisphere Department, Alejandro Werner, along with other Finance Ministers and Central Bank Governors of the Caribbean.

“The meeting was held as part of this year’s IMF and World Bank Spring Meetings. (I) reiterated the extraordinary support needed to address immediate challenges faced by the vulnerable small states of the Caribbean, predominantly the devastating shock from COVID-19, which has exacerbated pre-existing vulnerabilities to climate change and natural disasters.”
According to the Finance Minister, he also highlighted the current economic fallout from the ongoing volcanic eruption in St Vincent and the Grenadines. As it is, St. Vincent has been rocked by the eruption of Mount Soufriere.
Guyana has been sending supplies to the volcano ravaged island, including a ship carrying over 300 tonnes of supplies. Additional ships have either already been deployed or are being prepared to deliver items.
“(I) also emphasised that, beyond the immediate support required to overcome the current crisis, lasting solutions need to be found to the longer-term issues of productive diversification, and fiscal and debt sustainability,” the Finance Minister said.
The Finance Minister has been actively representing Guyana’s financial interests abroad. The most recent example of this was during the 2021 United Nations Economic and Social Council (ECOSOC) Forum on Financing for Development, where the need for increased concessional financing for the developing world was highlighted.
Dr Singh virtually attended the forum and emphasised the urgent need to address the challenges faced by Small Island Developing States (SIDS) in accessing financing to meet their development needs. This is especially in light of the targets set by the developed countries.
The Minister had also noted that it is a uniquely challenging time in human history since the COVID-19 pandemic has wreaked more havoc worldwide than any other public health issue in living memory. This has also had the effect of exacerbating pre-existing systemic challenges in the global economy.
“Vulnerable countries, including Small Island Developing States (SIDS) and low-lying coastal states such as Guyana, are still grappling with these pre-existing challenges, while we now confront the harsh and lasting socioeconomic impacts of the pandemic,” he had said.
“I reiterate the heightened urgency with which the official development assistance targets set by developed countries now need to be met. I also repeat the call for the use of a vulnerability index to supplement the criteria for determining access to concessional financing,” the Minister also informed the forum.
He had also noted that the immediate and most urgent challenge is stemming the pandemic but highlighted that Guyana is concerned that developing countries are encountering hurdles in accessing adequate supplies of vaccines at affordable prices and on fair terms. (G3)