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Phillips urges foreign lenders to consider growth agenda
2013-10-12 12:59:40 | (0 Comments)
Finance Minister Dr Peter Phillips has urged multilateral lending agencies to explore ways of providing more support to the growth agenda of small developing countries.
Dr Peter Phillips - File
Phillips is currently in Washington participating in the 2013 Commonwealth Finance Ministers’ Meeting.
He is also scheduled to meet with the top leadership of the International Monetary Fund (IMF), the World Bank and the Inter-American Development bank (IDB).
Phillips says the Commonwealth group has proposed that the growth agenda of developing states be supported with concessionary financing and through debt swaps.
He says this will help to reduce debt and facilitate investments, which will ultimately strengthen the resiliency of Commonwealth countries.
Phillips says Caribbean countries were also exploring ways in which resources already pledged for climate change could be mobilised towards growth and debt reduction efforts.
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Source: The Gleaner/Power 106 News
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