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Is Little Barbados Leading the Charge to Disrupt Global Financing?

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The following is a Press Release issued by the International Monetary Fund (IMF) – Blogmaster

The Government of Barbados Forms a Coalition of Multilateral Banks to Develop Resilient Infrastructure and to Drive New Social and Nature Capital Investments, Building on Its Resilience and Sustainability Facility at the IMF

June 23, 2023

Washington, DC: The Government of Barbados announced at the Summit for a New Global Financing Pact in Paris an integrated package of innovative initiatives to accelerate its transition to net zero, boost resilience, enfranchise workers, and draw in private sector investment while prudently managing public debt levels. These initiatives build on the ongoing climate policy reforms, supported by the Resilience and Sustainability Facility with the International Monetary Fund, which are expected to play a catalytic role in mobilizing private and public sector financing for climate projects.

This package of initiatives reflects unprecedented cooperation and a new “system approach” between the Government, its Resilience and Sustainability Facility (RSF) at the International Monetary Fund (IMF) and Barbados’ long-standing financing partners; Inter-American Development Bank (IDB), World Bank Group (WBG), Development Bank of Latin America and the Caribbean (CAF), European Investment Bank (EIB), and Green Climate Fund (GCF). 

Barbados is highly vulnerable to the impacts of climate change, and it needs to invest heavily to protect its citizens from hurricanes, flooding and droughts, and to preserve its natural capital. It is committed to achieving sustainable public debt levels, meaning that the government has limited borrowing capacity for public investments. To meet these challenges, it has identified four complementary approaches together with its financing partners.

A New Blue Green Bank

In a first of its kind, the Government of Barbados has decided to use US$10 million from the fiscal space created by the RSF as capital for a new Blue Green Bank.

This capital will support five times that lending amount. It will pave the way for other partners, including GCF, CAF and IDB, to support the Blue Green Bank through technical support or capitalization, with GCF proposing to its Board in July to become a co-founding partner in the bank.

Once established, The Blue Green Bank will help finance over US$250 million of green investments in affordable homes, hurricane-resilient roofs, the electrification of public and private transport, and other Paris-aligned investments.

More Resilient Infrastructure Through New Low-Cost, Long-Term Loan Instruments from Development Finance Institutions

Low-cost and long-term financing instruments from the EIB, CAF, IDB, GCF and RSF will support Government investment in resilient water and waste treatment infrastructure, flood and coastal protection and support its efforts to transform state owned enterprises and enfranchise workers.

The EIB has made available US$18 million of grants from the European Union (EU) to support climate-resilient water, sanitation, and clean ocean projects across the Caribbean to back a US$165 million loan facility.

The GCF will offer up to US$1.5 million in grants per project for end-to-end project preparations, innovation, and transformational impact, and to prepare investment proposals for further GCF funding.

Better and More Affordable PPPs

Barbados’ multilateral financing partners will strengthen project preparation support to attract private investment in Private Public Partnerships (PPP) to build more resilient infrastructure. The IDB will support and help develop the Government’s capacity and expertise in PPPs.

The World Bank Group’s Multilateral Investment Guarantee Agency has made available investment guarantees to help reduce the cost of private sector financing.

The World Bank Group’s International Finance Corporation will support Barbados in developing the first large-scale onshore wind project in the country and enhance the resilience of the grid.

Developing New Non-Debt Investments in Nature and Social Capital

The Government of Barbados is working with its development partners to build on the success of the 2022 Blue Bond with IDB and The Nature Conservancy, which released approximately US$50 million of new financial resources for marine conservation. Particular focus is on a new generation of instruments to support investments in nature and social capital.

Together, these initiatives will help Barbados meet its resilience objectives and protect its citizens, whilst helping transform the economy and protect its pristine natural environment.

Quotes

  • Prime Minister Mia Mottley of Barbados commented, “Alongside new capital, innovative instruments, partnerships and new ways of working together are critical if we are to overcome the challenges posed by climate, pandemics and debt. These new, integrated, initiatives announced today are embodiment of what can come out of new cooperative ways of working together.”
  • Kristalina Georgieva, Managing Director of the International Monetary Fund, said, “We welcome Barbados’ initiatives to catalyze private climate finance, and the related push to bring together multiple partners in pursuit of a common goal. The Fund is fully committed to supporting our members’ efforts to meet their climate goals—including through the Resilience and Sustainability Facility – and we look forward to our continued partnership with Barbados as the government takes steps to green the economy.”

  • Ilan Goldfajn, President, Inter-American Development Bank Group, said, “The IDB has long been one of Barbados’ closest and most committed development partners. We are delighted to take advantage of this opportunity to collaborate with the IMF and other partners to build on our successful recent blue bond issuance, and promising experiences across the region with project preparation and structuring to help catalyze new and larger volumes of private financing for resilient climate smart investment. These and other innovative financing and support mechanisms will be crucial to help Barbados meet the challenges of a rapidly changing climate.

  • Sergio Díaz-Granados, Executive President of CAF asserted that as a home-grown development bank owned by the countries Latin America and the Caribbean, CAF understands the myriad challenges faced by small islands, like Barbados, as a result of the effects of climate change.“CAF is committed to doing its part in channelling increased resources and is very pleased to join forces with other development partners to mobilize dedicated financing that will help to strengthen the resilience of our member countries.”

  • Werner Hoyer, President of the European Investment Bank, commented that, “As the EU Climate Bank, alongside our Team Europe partners, the EIB is constantly workingWe have no time to increase the impact of its climate lending and lose to support for vulnerable countries like Barbados. that are already facing the devastating consequences of climate change. Following the call to action of Prime Minister Mia MottleyAmor Mottley’s call to action, we are delivering swift and targeted support. We will start offering extended loan tenors to lower and middle-income countries, and are seeking to provide natural disaster risk clauses in our loans to ensure the most vulnerable communities can recover and rebuild following a crisis.”. As the EU Climate Bank, alongside our Team Europe partners, the EIB is constantly working to increase the impact of its climate lending and support for vulnerable countries like Barbados.”

  • Henry Gonzalez, Executive Director ad interim of the Green Climate Fund stated, “The Blue Green Bank will transform the financing landscape in Barbados and catalyse new finance for sustainable climate investments. GCF has provided technical and financial support in developing the concept, and our Board will consider making a substantial investment in the new Bank at its meeting next month.”
  • Makhtar Diop, IFC Managing Director, said, “Barbados is redoubling efforts to bolster its climate resilience and become a low-carbon leader. IFC will continue to work closely with the country and collaborate with other multilateral institutions to accelerate the flow of private capital in support of Barbados’ ambitions.”
IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Maria Candia

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson

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139 responses to “Is Little Barbados Leading the Charge to Disrupt Global Financing?”

  1. David Avatar
    David

    IMF Executive Board Completes the First Reviews under the Extended Fund Facility and the Resilience and Sustainability Facility with Barbados

    June 22, 2023

    The Executive Board of the International Monetary Fund completed today the first reviews of Barbados’ Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) arrangements, making available SDR 14.175 million (about US$19 million) under each facility, respectively.
    After successfully weathering a series of shocks in recent years, the Barbadian economy has recovered strongly driven by a rebound in tourism and related activities and continues expanding in 2023.
    The authorities are making good progress in implementing their updated Economic Recovery and Transformation (BERT) plan and their ambitious climate policy agenda.

    Washington, DC : The Executive Board of the International Monetary Fund (IMF) completed the first reviews of the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements. The completion of the reviews allows the authorities to draw the equivalent of SDR14.175 million (about US$19 million) under the EFF and SDR 14.175 million (about US$19 million) under the RSF.

    Barbados is implementing an ambitious homegrown economic reform and climate policy agenda, aimed at strengthening fiscal sustainability, advancing structural reforms, unlocking the economy’s growth potential, increasing resilience to climate change, and greening the economy. These policies are supported by the EFF and RSF arrangements, which were approved on December 7, 2022, in an amount equivalent to SDR 85.05 million (about US$114 million) or 90 percent of quota, and SDR 141.75 million (about US$190 million) or 150 percent of quota, respectively (see Press Release No. 22/417 ).

    After successfully weathering a series of shocks in recent years, the Barbadian economy has recovered, with eight consecutive quarters of growth, and continues expanding in 2023 underpinned by an ongoing rebound in tourism and related activities. The fiscal balance has significantly improved, and public debt has been placed on a downward path, reaching 122.5 percent of GDP as of end-fiscal year 2022/23 (119.6 percent excluding IMF loans provided for balance of payments support). In addition, international reserves have risen to US$1.6 billion as of end-March 2023, covering over 7 months of imports. The authorities are advancing the structural reform agenda, having completed several structural benchmarks. Efforts to adapt to climate change and support the transition to a greener economy are also progressing. The authorities have implemented important reforms under the RSF arrangement and renewables are gradually increasing their share in the energy matrix.

    Following the Executive Board’s discussion, Ms. Gita Gopinath, First Deputy Managing Director and Acting Chair of the Board, issued the following statement:

    “Barbados is making good progress in implementing its homegrown Economic Recovery and Transformation (BERT) program and ambitious climate policy agenda, supported by the Extended Fund Facility (EFF) and the Resilience and Sustainability Facility (RSF) arrangements. Following a series of shocks in recent years, the Barbadian economy has recovered strongly amid a rebound in tourism. While inflation has increased with the rise in global food and fuel prices, it is projected to moderate in the coming months.

    “Fiscal performance has significantly improved, public debt is on a downward trajectory, and reserves have risen. The focus on reducing debt through higher primary surpluses, while maintaining adequate social and capital expenditure is appropriate. Important progress is being made on the structural reform agenda, including to strengthen the duty and tax exemptions framework, enhance tax compliance and risk management, and unlock the economy’s growth potential. Continued progress on state-owned enterprise and pension reforms is important. The newly created Fiscal and Growth Councils are critical to help monitor the implementation of the authorities’ fiscal strategy and support the growth agenda.

    “The authorities are focused on enhancing the monetary policy toolkit and taking steps to safeguard financial stability. It will be necessary to develop liquidity management instruments and take steps to strengthen the AML/CFT framework.

    “The authorities are advancing their ambitious climate policy agenda to increase resilience to climate change and green the economy. Ongoing efforts to incorporate climate policy goals in the fiscal process, including by discussing climate change risks in the budget and enhancing public procurement, are welcome. The planned new policy reforms to develop guidelines to implement sustainable/green public procurement and introduce climate/green budget tagging will further support the incorporation of climate priorities in the budget process. The climate policy reforms are expected to help create an enabling environment that mobilizes private sector investment in climate-related projects.”
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Jose Luis De Haro

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

  2. David Avatar
    David

    PM urges leaders to ‘pick up pace’
    Prime Minister Mia Amor Mottley yesterday sent out a clarion call to some of the world’s leaders to pick up the pace, urging them to “do the right thing, do it in time and for the right reasons”.
    She said her hope is that they can leave Paris, France, secure in their determination to not only protect the planet, protect biodiversity and people, but also recognise that if they did not act today at scale, and with pace, they might not be able to save more people.
    The strong call came yesterday during her address at the opening ceremony of the Summit For A New Global Financing Pact where close to 50 world leaders and representatives of various countries, as well as major financial institutions, were present.
    Transformation
    Mottley, who was praised by counterparts across various countries in their remarks as one of the forces behind this fight, also stressed the need for transformation and not reform.
    “Don’t leave Paris without understanding there must be transformation, not reform. I ask of us to ensure that those who are heads of government and heads of state recognise that the world cannot continue with an old imperial order that does not see countries, that does not feel countries, does not hear countries and worse, does not see, feel or hear people. Recognise that we cannot come to Paris and let our directors go back to the International Monetary Fund (IMF) or the World Bank and it be business as usual. They do not act in their own interest, they act on behalf of our sovereign states.
    “That is why we speak not only to the need for money, but we speak to the need for the reform of the governance system because when these institutions were founded, our countries did not exist.
    “We speak for a complete transformation of securing the sources of capital as unpopular as it may be to voice it. We don’t ask for the bankruptcy of private companies but we ask everyone to share the burden so that we can share the bounty,” she said to a packed audience that included Senior Minister and Minister of Foreign Affairs Kerrie Symmonds; Director of Finance The Most Honourable Ian Carrington; and Chris Sinckler, alternate executive director, Canada, Ireland and the Caribbean, World Bank Group.
    Mottley also noted that simply holding governments accountable had run its course, saying it was time to focus too on multinational corporations.
    During her tenminute speech to leaders that included presidents of many African nations such as Kenya, Ghana and Niger, United Nations Secretary General Antonio Gueterres, President of France Emmanuel Macron, Director General of the World Health Organisation Dr Tedros Ghebreyesus, IMF managing director Kristalina Georgieva and president of the World Bank Ajay Banga, she said “there had been movement”.
    Debt payments
    “Nine months ago no one was speaking about natural disaster clauses. Now we have people wanting to recognise the wisdom of it because countries do need to pause debt payments if they are going to house and feed people who are victims of a climate crisis,” she said.
    However, she said what was needed was not simply the act of marking a card for progress.
    “What is required of us now is absolute transformation and not reform of our institutions. That transformation is required because while the world knew since the 1890s that we were facing the warming of the climate, we chose not to heed the advice of scientists, and that which could have been done in more than a century is now being reduced to be done in less than a decade.
    The Prime Minister told leaders that as she addressed them, Barbados as well as St Vincent and the Grenadines and others in the region were under a tropical storm warning.
    “Yesterday I had to decide whether to stay (in Paris) or to go. I chose to stay because it is important that we move to action,” she said, noting that following Tropical Storm Bret, which was expected to pass to the north of Barbados last night, there was another system.
    “This is our new reality,” she said.
    Mottley thanked her French counterpart for the Summit, disclosing that she privately referred to it as the “How Dare You Summit”.
    “How dare you upset the order? How dare you step out of your crease to summon us to this moment that will determine whether we will have the capacity and the will to bring peace and scope to the problem?”

    Source: Nation

  3. David Avatar
    David

    Same tired analysis and review from our region.

    Positive RBC economic outlook
    Analyst says room stock push will pay dividends
    Low unemployment, efforts to keep inflation to manageable levels and efforts to refresh the tourism sector, are among the indicators that have given the Royal Bank of Canada confidence in the economic outlook of Barbados for this year.
    This is the analysis of Dr Ranita Seecharan, group economist for RBC Caribbean Banking, who said that most countries in the Caribbean are expected this year to be fully recovered from the economic impact of the COVID-19 pandemic. In some cases many are expected to surpass pre-pandemic economic performances.
    Seecheran, who was virtually addressing RBC Caribbean Economic Briefing, provided analysis for the Caribbean territories that the bank services, which includes Barbados. She pointed out that Barbados’ growth, while hinging on tourism arrivals, with a push to increase the room stock, will pay dividends.
    “The expansion continues to be driven by tourism activity and private sector investments, while the Government’s ongoing public investment project should provide further emphasis. The Government is facilitating economic activity and expanding of the hotel stock of rooms is key to more airlift into Barbados.
    “Construction activity is very evident across Barbados and will ramp up this year, with over $1 billion to be spent by the private sector on various construction projects, according to the Budget. Cruise travel has been improving and is on par with 2019 levels in February and March of this year,” Seecheran said.
    She pointed out that the positive trends in the Barbados job market also augurs well for investor confidence.
    Jobless rate down
    “The unemployment rate during the fourth quarter 2022 fell to 7.2 per cent, the lowest level observed since the third quarter 2007. The construction, wholesale, retail trade and tourism sectors recorded consecutive quarterly increases in the number of persons employed throughout 2022. The gains in employment in these key sectors coupled with a decline in the number of persons searching for jobs for more than a year, suggests a renewed buoyancy in the labour market,” she said.
    Seecheran noted that the debt to GDP ratio fell to 119 per cent by the end of March, reflected improved fiscal performance on a solid economic recovery. She also said that the
    overall strength of economic activity and improved labour market conditions helped households to service their debt obligations, reducing non-performing loans relative to the first quarter of last year.
    The economist credited the two instalments of the Food Prices Compact as well as the recent wage increase granted to public workers, as among the effective mitigation strategies of inflation.
    “The Government, together with members of the private sector and labour, signed an extended Social Compact. This short-term measure aimed at buffering the inflationary impact on a range of wholesale items. Consumers have been benefiting from reduced markups applied on certain categories of household items by those producers, processors, wholesalers, retailers and bakeries that are signatory to the Compact,” Seecheran said.
    She added: “The inflation rate has been fluctuating at manageable levels, reaching 6.4 per cent in March of this year. Also, in March of this year, the Government and trade unions reached a deal that saw public sector workers get a one-off payment of $1 500, followed by a six per cent salary increase over the next two years.”
    (CLM)


    Source: Nation

  4. Bush Tea Avatar
    Bush Tea

    “Little Barbados” is so indebted and hopelessly subserviant to the IMF and its albino centric associates such as WHO, PAHO, and the overall UNBF (United Nations Bulling Front), that PM Mottley would REALLY be great if she could sing ANY tune that runs counter to theirs.

    “Little Barbados” therefore, just like any house servant from our famous Slave Code experience, is being used to promote the message, image, and the objectives of the albino-centric ‘masters’ who see themselves as Earth’s rightful rulers.

    When PM Mottley runs around calling for ‘Global leadership’, how many Bajan’s support such a vision? …but we ALL know whose objective it articulates.

    When the Gay agenda becomes top priority of government rather that investigating what happened to the Chinese Steal houses … How Many Bajans are on board? …but we ALL know whose priority is on normalizing bulling.

    When our children are being prepared to accept gender manipulations that leads to depopulation, how many Bajans agree? …. But we ALL know the usual suspects who fear the future population ratios – if left to Mother Nature.

    Again, Barbados is seeking to punch above its own weight class, but what Koffi Annan was ACTUALLY saying to us back then was “Wunna better know wunna place, and stay in wunna shiite lane hear, …or wunna gwine get hurt REAL bad”

  5. Wily Coyote Avatar
    Wily Coyote

    Bush Tea says it all, TURD WORLD always looking for savior(s) to promote their Socialistic LIME Society.

  6. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    I always knew Kofi Anan was sending us a message. But pretenders took it out of context and misused it to fool the most gullible idiots…

  7. Hopi Avatar
    Hopi

    No! Little Barbados is not leading the charge to disrupt Global Financing. She might be a conduit. BUT It takes more than talk. It takes big gawd damn BALLS, Strategic Missiles, Hypersonic Weapons both spiritual and physical to disrupt this monstrosity of a beast aka Global Financing where only a ‘few’ are allowed to draw down on the blood of the enslaved workers….and who possesses such tools?

    RUSSIA & CHINA!

    Russia and China are disrupting the Rothschild, BRF et al. (That’s why Macron is begging for a seat at the BRICS’ table in SA. He’s been dispatched by his master, Rothschild).

    As long as Africa, Barbados and smaller states are in bed with the IMF, World Bank and their other subsidiaries there will be no substantially, beneficial, non-debted change in this world. All you’ll produce from such a union are bastards.

    Russia and China have given AFRICA the balls to stand up to these brutes today. So there’s a monumental shift in the air away from this beast.
    Africa has all the resources humanity needs. Europe has nothing. Just watch them reform or die.

    Forget about net zero and carbon offset bullshit which is nothing but bankers’ scam to prevent the ‘under-developed’ {that they’ve strangled} from developing.

    Climate change is natural. It is a part of the Grand Cosmic Cycle and its being used as a ruse to hold onto Global power. When climate change fails in steps the ‘UFOs/Aliens.’ We’ve been HAD and we’ve been TOOK by these
    monsters and their time is up.
    A Cosmic change is in the air!

  8. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    The only description you are getting for the local wannabes, rush to the front pretenders…from sources off island is…

    “Evil.. Beware!!!”

    In warning the people on the island, i told them the people are on their own if they dont wake up. They have had many, many years of warnings, everyone is now brekking fuh duhself…have no time to waste on stragglers, slaveminded.

    I am staying in my hole going forward.

  9. Redguard Avatar
    Redguard

    $10 million becomes $50 million in lending. Utter nonsense, what about the operating costs of this bank, how will it pay the salaries of the lazy sons and daughters of the Caribbean elite who will no doubt be chosen to run this scam.

    Who do they think is going to borrow from this bank, other Caribbean governments? Why would I as the leader of say Antigua put myself in debt to the most indebted country in the Caribbean.

    “green investments in affordable homes, hurricane-resilient roofs” what is this, who wrote this, Avinash?

  10. David Avatar
    David

    @Bush Tea

    What is the real deal with the Chinese steel houses? We are in another hurricane season.

  11. Pachamama Avatar
    Pachamama

    Hopi, Bushie

    Your precise deposition of these matters indicates that the BS being spouted by idiots who believe that begging White people for money instead of seeking to mek a living in a radically transforming global set of arrangements is the way to go.

    The first such opportunity in 2500 years, we estimate.

    This is what happens when a prime minister, Mia Mottley, the beloved darling of the wokeists in Washington financial circles is convinced and is being promoted to sell the idea that there is a free lunch somewhere.

    We have long called for that essential phallic symbological device to do what it does best in the places most desired, in large numbers.

  12. Frank Avatar
    Frank

    You don’t know nothing bout business.

  13. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Cant help themselves. Begging, borrowing dependents, determined that others should fund their slavehood. Clearly getting ready to brag and boast. Laughing stock.

  14. Bush Tea Avatar
    Bush Tea

    What is the real deal with the Chinese steel houses?
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    Boss…
    You are more likely to have Doogud’s email address than a stinking bushman….
    He knows every shiite, so he surely has the answers.
    Besides – he loves to talk, so it should be a simple matter to educate us all.

  15. Hants Avatar
    Hants

    https://barbadostoday.bb/2023/06/23/quick-time/

  16. David Avatar
    David

    @Bush Tea

    The blogmaster asked Duguid via Facebook about the deal, to say he was evasive would be an understatement.

  17. Hopi Avatar
    Hopi

    @Pacha…How you doing?

    “If you do what you’ve always done, you will only get what you’ve always gotten.” Loans/Grants. Grants/Loans. Hasn’t the East India Trading Company been replaced by the IMF & WB? Haven’t they always traded in the Blood, Bodies and Souls of Black People? Why does Mia still wish to do business with them?

    Hasn’t Barbados already built climate, resilient structures which have weathered many a storm? I’m sure the Africans can teach the world how to build debt-free air-conditioned housing. They’ve built them forever.

    Other than sargassum surrounding the island, how has ‘climate change’ affected the island? Is crop production down? Is there an increase in diseases (not man-made)?. More than likely we could probably view that sargassum as manna.

    Why partner with these thieves who’ve always ripped us off?

    Plant some more trees. Re-forest the land. Maintain structural integrity. Cut the Ministers’ salaries and hire Structural Inspectors to ensure that all structures (new and old) are built in accordance with ‘climate resilience protocols’ which are already in effect on the island.

    Leave these gangsters and their schemes alone. We are only making mountains out of molehills.

  18. rickross Avatar
    rickross

    https://youtu.be/d4BuMaGlKp0
    Beware of the devils in Washington look what they did to Russia.

  19. Bush Tea Avatar
    Bush Tea

    ….to say he was evasive would be an understatement.
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
    LOL
    Ha Ha ha
    Buh looka Bushie’s crosses doh nuh!!!

    Yuh Lie boss!!! A politician RELUCTANT to talk??!!!

    He didn’t cuss you in ‘maternalistic’ terms nuh..??!! ha ha ha

    So you found the VERY source to be evasive …and you decide to ask Bushie..???

    Boss, you define the Bajan meaning of ‘gallows bait’.

  20. social compassionate sustainable banking Avatar
    social compassionate sustainable banking

    Barbados is broke,
    so social compassionate sustainable banking is the way to go.
    Barbados is leading the charge as a client of borrowed funds for social environment governance projects

  21. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved

    Pacha, Bushman, just saw a clip on 789 Moving Forward Whatsapp Group. The things pretenders insert themselves in for attention and to run game is weird…anyhoo the French were having none of it..

    The best word i can think of..is weird.

  22. George Avatar
    George

    Yeah, but they
    can’t access loans via prior methods, so take their failings and shove it back in their face.
    When de lady en letting it go, mek she feel guilty. An old trick. Then doan keep whatever promise you made to get Sesame open.
    Yah think Mia is some sweetheart. A boss wickess.

  23. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @David, this is totally off your topic… But what the Wagner is going on with your Russian friends???

    We should all recall that a group of mercenaries called Blackwater made themselves and their commanders rich and famous in wars badly initiated by a certain US president and then the boss commander rode that fame to become a powerful adviser to another President … who – it can be said – has crashed but stands steadfast amidst his ruins.

    Is this powerful Wagner mercenary group from the East now taking that model to historically more profound levels by attempting to bring down their presidential benefactor or is this the ultimate double-bluff game theory modelling. In sum, What the hell is happening in Russia !!!

    Surely Putin will crush this annoying commander and elevate another toady to lead his private special ops teams!

    Power corrupts; Absolute power corrupts absolutely!

    Back to your financial programming !

  24. David Avatar
    David

    DEBT EASE
    New World Bank boss determined to help vulnerable states
    Countries which suffer in the aftermath of a natural disaster now have a new debt pause option they can exercise.
    The announcement was made by new World Bank president Ajay Banga, when he took to the stage of the Power Our Planet: Live In Paris concert in France on Thursday evening, with Prime Minister Mia Amor Mottley at his side.
    The news was met with thunderous applause from the thousands who gathered for the concert.
    “What that does is it gives leaders like Mia (Mottley) a break from repaying their debts so they can focus on recovery. They shouldn’t need to worry about paying the bills. They should feel the hand of the World Bank on their back, not in their face, and that was made possible because of you, because of your voice, because of what you say, because of how you live your life. We have much to do.
    “I am determined to help but I need your help to make it happen. You actually are the bank’s stakeholders. You are the shareholders. This is actually your bank and I want to make it the best bank it can be for the challenges that we have ahead,” Banga said.
    Both leaders were in Paris attending the two-day Summit of The New Global Financing Pact which started Thursday.
    Banga, who has only been on the job for 19 days, said in that short space of time, he felt the pressure, but also the expectations, recognising there was a lot of work to be done.
    Mottley said she was happy to be sharing the stage with Banga, who needed to have broad shoulders for this moment.
    She noted that while he was only on the job for a short time, leaders were counting on him to make the difference.
    Banga also spoke of shared concerns and referred to issues facing countries, including the war in Ukraine, lack of access to good schools, decent health care and quality roads that lock entire communities into a cycle of poverty.
    “We have severe droughts in one part of the world and flooding in another. We have wildfires and intense hurricanes. As we speak by the way, her (Mottley) island is under threat of a tropical storm warning. She is here with us because she thinks this is a critical and important message. Islands like that, [with] intense hurricanes, they will destroy and wreak havoc on our most vulnerable communities. All these are intertwined challenges and the urgency of this moment basically requires an immediate response. Time is of the essence. We cannot wait.
    “I believe that development delayed is development denied and that is not okay.This moment demands that what I have a chance to do, is to adopt a new vision and a new mission with the World Bank. In my view that vision is very
    simple – create a world free of poverty, on a liveable planet,” he said.
    Banga, the 14th president of the World Bank, said to make that vision a reality, a new playbook was needed as well as new ideas. He said the involvement of the private sector was needed, adding that focus must also be on what is right and not what is convenient.
    “We have to reimagine our approach to crisis, preparedness, response and recovery,” he said, noting that was what Mottley was championing.
    During her brief speech, the Barbadian leader said she was happy to report movement on climate action since the launch of the Bridgetown Initiative.
    She noted while named after Barbados’ capital, it was an inclusive process and was “about all of us”.
    Mottley said it was critical that everyone acted today in order to save the planet tomorrow.
    “I see so many young people – you are the ones who will make that progress. We will only get where we need to go if you are prepared to step up to the plate and if the countries in the world can step up the scale and the speed of what we have to do.”
    The Prime Minister said world leaders who gathered in Paris, thanks to President Emmanuel Macron, left strengthened by the fact that if they take action, there will be change.
    “Today we say to the world leaders and to global financial institutions and to the private sector, come together and let us put the funds necessary to help the world’s most vulnerable countries adapt, transition and withstand this climate crisis. Only then will we make sure we leave behind a liveable world for our children. Action cannot be taken some time in the future. It needs to be taken today” she added.

    Source: Nation

  25. David Avatar
    David

    Guterres: System in crisis
    The international financial system is in crisis.
    That was the message sent by Secretary General of the United Nations (UN) Antonio Guterres as he addressed the first day of the Summit For The New Global Financing Pact in Paris, France, on Thursday.
    He told leaders from across the world that halfway to the 2030 deadline, the Sustainable Development Goals (SDGs) were drifting further away by the day.
    Guterres said even the most fundamental goals on hunger and poverty had gone into reverse after decades of progress.
    He said this year alone, more than 750 million people did not have enough to eat, adding that tens of millions more were teetering on the verge of extreme poverty. He added the COVID-19 pandemic and the Russian invasion of Ukraine had compounded the problem.
    Printing of money
    While wealthy countries could print money to revive their economies, the secretary general said developing countries could not and were grappling with exorbitant borrowing costs, up to eight times higher than those of developed countries.
    He said many leaders faced an agonising choice to either servicing the debt or meeting the needs of their populations.
    Guterres said that today, 52 countries were in default or dangerously close to it, including the majority of least developed countries.
    He stressed it was clear the international financial architecture had failed in its mission to provide a global safety net for developing countries.
    The UN chief noted, too, that international financial institutions were now too small and limited to fulfil their mandate and serve everyone, especially the most vulnerable countries.
    “For example, the World Bank’s paid-in capital as a percentage of global GDP (gross domestic product) is now less than a fifth of what it was in 1960 – even though the challenges are far greater. Even worse, the global financial system perpetuates and even exacerbates inequalities. In 2021, and we applaud this decision, the International Monetary Fund allocated over US$650 billion in Special Drawing Rights.
    “European Union countries, including my own, received $160 billion; African countries, US$34 million. In other words, European citizens received on average nearly 13 times more than African citizens. This was all done by the rules. But let us acknowledge: these rules have become profoundly immoral,” he lamented.
    Guterres told the leaders and other officials gathered that nearly 80 years later, the global financial architecture was outdated, dysfunctional and unjust, and was no longer capable of meeting the needs of the 21st century world.
    No serious solution
    “There will be no serious solution to this crisis without serious reforms. I have called for a new Bretton Woods moment – a moment for governments to come together, re-examine and reconfigure the global financial architecture for the 21st century. And earlier this month, as part of our preparations
    for the Summit Of The Future, I put forward a policy brief – a detailed blueprint for a redesigned global financial architecture capable of serving as a safety net for all countries.”
    He revealed that he proposed an SDG stimulus of US$500 billion per year for investments in sustainable development and climate action.
    Time-effective
    “They can establish a really effective and time-effective debt relief mechanism that supports payment suspensions, longer lending terms and lower rates, including for middle income countries with particular vulnerabilities, namely, in relation to climate,” he added.
    He said that, for example, leaders could expand contingency financing to countries in need by rechannelling, on a broader scale, unused Special Drawing Rights (SDRs) and by using other innovative mechanisms to increase global liquidity.
    “The African Development Bank initiative to re-channel SDRs to multilateral development banks could multiply their impact by five. This example should be expanded. Global leaders can put in place a mechanism to issue SDRs automatically in times of crisis and distribute them according to need.”
    He also suggested they could put a price on carbon and end fossil fuel subsidies, and repurpose them towards more sustainable and productive uses.
    Guterres said these steps would help to beat poverty and hunger, uplift developing and emerging economies, and support investments in health, education and climate action.
    He said while aware of the challenges being faced, if leaders work together, they could make this a moment of hope.

    Source. Nation

  26. David Avatar
    David

    Barbados’ prime minister arrives in China for official visit
    Updated 15:59, 24-Jun-2023
    CGTN

    Barbados’ Prime Minister Mia Amor Mottley arrived in Beijing on Saturday afternoon for a four-day official visit to China.

    She will also attend the 14th Annual Meeting of the New Champions, also known as the Summer Davos Forum, in Tianjin.

    (Cover: Barbados’ Prime Minister Mia Amor Mottley arrives in Beijing, China, June 24, 2023. /CGTN)

  27. 3rd And 4th Generation Avatar
    3rd And 4th Generation

    Story Come to Bump
    Revelation Time Blackman Time
    I praise you, Father, Lord of heaven and earth, because you have hidden these things from the wise and learned, and revealed them to little children.
    Keeping mercy for thousands, forgiving iniquity and transgression and sin, and that will by no means clear the guilty; visiting the iniquity of the fathers upon the children, and upon the children’s children, unto the third and to the fourth generation.

  28. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    One must wonder, why they so love to insert themselves in things that dont concern them….only to face major embarrassment…..sticking to their employee script seems to never be the agenda…they also have their own harebrained idiocy up front and center.

  29. David Avatar
    David

    @Dee Word

    In any people system there will be ‘mutiny on the bounty’ sometimes, haven’t we witnessed right wingers attacking the Capitol not too long ago in a country some regard as one of the bastions of democracy? It is a characteristic of a manmade system.

  30. David Avatar
    David

    @Bush Tea

    Follow up.

    Heard talk show host Barry Wilkinson made a point that this government has been good with its communications with the public. This is a perspective that should have attracted comment. When we talk about good communication, a reasonable definition must be EFFECTIVE communication.

  31. Critical Analyzer Avatar
    Critical Analyzer

    Leave our PM alone

    She is busy introducing a PHD class to leaders of third world countries teaching advanced country level begging techniques on How to Beg for Rounding Error Budget Scrap Money from the First and Second World Countries.

  32. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Good one…lol

    If nothing else, stumbling around in the dark is evoking nothing but punishing laughter for the faux pas of believing they were speaking to bajan slaves in France. I was wondering why they looked like they had bitten deeply into a very acidic and bitter lemon, until i saw the other clip…

  33. David Avatar
    David

    We have to be careful not to misrepresent what the MOTTLEY led initiative is attempting to achieve.

    “World leaders meeting in Paris on Thursday could give poorer countries access to hundreds of billions of dollars to tackle climate change.”

    She can do this as well as all the other things a leader of an open economy is suppose to do in these times.

  34. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Oh we see well enuff what the attempt is…very hard to miss if ya can see anything at all…..and dont think people who actually have intelligence and commonsense are not paying rapt attention.

    Different intelligence level, much, much different mindsets..

  35. David Avatar
    David

    The case for printing $2 trillion to save the planet

    https://www.axios.com/2023/06/24/imf-poor-income-countries-global-economy

  36. Yolande Grant - African Online Publishing Copyright(c) 2023. All Rights Reserved Avatar
    Yolande Grant – African Online Publishing Copyright(c) 2023. All Rights Reserved

    Half trillion dollars can definitely pull tiny islets like Barbados out of poverty…the Afrikan descended population…SPECIFICALLY…the upside would …all trsnsactions being monitored consistently due to the various TRIBES OF THIEVES…so billions dont disappear offshore.

    …there is a Decades old track record . With MANY billions still UNACCOUNTED for…no one was arrested or went to prison but billions are gone.

    “What they’re saying: “The world wants the IMF to do this again,” says the Center for Economic and Policy Research’s Mark Weisbrot. “It’s only the U.S. Treasury Department that is holding it up.”

    “

  37. Bush Tea Avatar
    Bush Tea

    She can do this as well as all the other things a leader of an open economy is suppose to do in these times.
    ~~~~~~~~~~~~~~~~~~~~~~~~
    What EXACTLY do you not understand by the concept of selling one’s soul to the Devil?

    No one EVER suggested that this was a difficult task to achieve….

  38. Honey No Money Avatar
    Honey No Money

    2 Trillion Dollars = $2,000,000,000,000

    The case for and against printing two trillion dollars before the world economy collapses

    The case for:
    Honey
    We ain’t got no money
    I’m sending out my warning

    The case against:
    Baby Baby
    Why are you acting so funny?
    We ain’t got no money

    No Money, No Honey
    Vs Honey No Money

    Stalemate

  39. Yolande Grant - African Online Publishing Copyright (c) 2023. All Rights Reserved. Avatar
    Yolande Grant – African Online Publishing Copyright (c) 2023. All Rights Reserved.

    Bushman…am watching the selective memories. Pretending the corruption that robbed the people and island BILLIONS over decades, pauperizing, marginalizing and disempowering the majority population to do so, dont exist. Ya done know they dont care what happens to the people…..only interested in boadting and bragging rights…

    They also know…because minority crooks are ALWAYS given first preference in such large amounts of money……TO SKIM, SCAM and TIEF. ..that is ALL WILL HAPPEN.

    Check out the hypocrisy…but am here to remind them…

    Saw a comment mentioning Afrikan leader’s who were present…take on the embarrassing display…in France.

    The French ought to keep cases of rotten eggs on hand for next time there is such provocation.

  40. TheOGazerts Avatar
    TheOGazerts

    Side note…
    I heard that a contributor is on his way to Russia to help keep Putin out of de chef pot.

    New Russian dish: Pot-in

  41. David Avatar
    David

    @Bush Tea

    All regional countries and dare we say developing countries have accumulated huge debts over the years. You can blame whoever but the problem is real and needs a significant intervention to first arrest the problem. Then we have to hope we would have learned a lesson. In the meantime who suffers?

  42. Joe from Pie Corner Avatar
    Joe from Pie Corner

    My name is Joe. I am from Pie Corner.

    After all uh deez trips and press conferences wuh do I get. I ain’t get nutting yet

    I hoap she giving we wuh gifts she gettin from dese countries and not hoarding them fuh she self

    I help pay fuh she frequent flyah miles. I wanna some of dem miles back as I wanna fly too.

    How can a purson do so little but make it appair she did do so much. One of them Ms in she name must be for magician… Now yuh see she, now touh don’t.

    Thank God for de blogmaster or would have taut she doing nutting. I wunder wuh de D in he name stand fuh.. I know deck stands for kiss-up

  43. de pedantic Dribbler Avatar
    de pedantic Dribbler

    LOL @David, well if you are going to be that blasé about a VERY significant and possible massive fracture in world affairs then more power to you.

    Of course “In any people system there will be ‘mutiny on the bounty’” but the ‘riots’ of Jan 6 in Washington CANNOT in any sense be compared to this attack on the Kremlin and Putin. Let’s get real!!!

    But anyhow no need to get blamed for attempting to intellectualize this affair 😎 so suffice to say I hope that Putin resolves this quickly and effectively.

    Situations such as this are ripe for wild accusations of western influence and attempts to subvert his power leading to even more dangerous warring and closer to the precipice of existence.

    I may not agree with Vlad Putin’s actions but as we have seen so many times with strongman regimes: it’s better to maintain the local balances despite external misgivings than to create a power vacuum which invariably leads to much death and mayhem.

    Russia is a foreboding nuclear power and any successful coup or even an assassination of Putin is DANGEROUS … massively so! Just as such in the US (of #45) would be.

    Looka I gone to put up my shutters; well what lil bit I can anyhow! Stay comfortable in your “but this is man made life, so what should we expect” perspectives.

    Just as we just dodged another hurricane; let’s hope the world dodges this Vlad tempest too.

  44. TheOGazerts Avatar
    TheOGazerts

    Sometimes dpD gets it. Surprise he washable to connect this to Jan 6.

    I see this as Putin’s January 6, and it illustrates how these powerful governments are just hanging by a thread. Who would have thought Putin would have been in this position? The KGB may yet bail him out.

  45. TheOGazerts Avatar
    TheOGazerts

    dpD missed it.
    David was in the vicinity.
    —xx—
    Warm welcome to Joe the newcomer.

    😃

  46. de pedantic Dribbler Avatar
    de pedantic Dribbler

    One last thing @David. At the time I didn’t grasp the significance of Putin’s move of more nuclear armaments to Belarus … just as one simply discounted the many ‘deaths’ of leading oligarchs and the other perplexing chess moves made in Russia.

    Poof … now it’s clear that Putin’s remained on top of his game and was prepared for any eventuality such as this… he cleared his deck with dastardly effectiveness!

    This could be some serious **** … so no more on these perplexing ‘rapturous’ possibilities!

  47. David Avatar
    David

    @Dee Word

    Yours is not an unsurprising perspective.

  48. TheOGazerts Avatar
    TheOGazerts

    Pacha’s interpretation/explanation of this event is eagerly awaited.

  49. de pedantic Dribbler Avatar
    de pedantic Dribbler

    @Theo …🤣🤦‍♂️

    A powerful SPECIAL OPS force fully armed and aggravated (and frustrated) from the deaths and activities of an ONGOING war directly and specifically initiate action to enter the Russian capital AGAINST the current sitting President and you EQUATE that to a group of Proud Boys et al and regular citizens causing much mayhem and disturbances by thrashing offices and TALKING about killing the Vice President etc ! WOW.

    The US President himself was the instigator of that nonsense but he had absolutely NO powerful military forces supporting him… NONE.

    The entire array of the powerful US security forces were ready to pounce to repel any serious folly … Jan 6 was a major defect surely but to compare what’s now in Kremlin to that is quite risible!

    Current circumstances in Russia are very volatile … Yes those in US were scared back then but the situation was NOT anywhere as explosive as this one …

    Russian soldiers – for and against – are in the streets, guys.

    But enjoy, your peaceful analysis. SMH!!!

  50. Hants Avatar
    Hants

    Turmoil in Russia.

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