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Finance ministers from various Commonwealth countries have called for a systemic reform of the global financial architecture to enhance access to development financing for vulnerable countries, Barbados Today reported on Sunday, April 16.
Their collective call for reform came at the Commonwealth Finance Ministers High-Level Working Group Meeting in Washington, D.C., on April 14.
Delivering a keynote address at the working group meeting, Prime Minister of Barbados Mia Mottley said: “One sure thing is that the status quo is not working for us. The continued discriminatory treatment between the global north and the global south really cannot continue, especially in a poly-crisis … The time is now for action and to ensure that the global financial system is fit for purpose.”
At the inaugural Commonwealth Finance Ministers High-Level Working Group Meeting held on the margins of the 2023 World Bank Group and International Monetary Fund (IMF) Spring Meetings, finance ministers discussed national fiscal policies, measures for financial sustainability, eligibility criteria for development finance and potential reforms required for a more equitable financial architecture.
In her opening remarks, the Commonwealth Secretary-General Patricia Scotland KC said: “Our world faces overlapping, interlinked and accelerating economic, security and environmental challenges. They entwine and accelerate to amplify existing inequalities, threatening stability, resilience and development prospects.
“The need for ambitious, systemic change has never been greater. As the Commonwealth family, representing one-third of humanity, we are joining forces to call for reform of the global financial system to deliver an architecture that is multi-dimensional, fit-for-purpose and adaptive to emerging and existing challenges, with a view to building long-term resilience and achieving sustainable development.”