Dr. Baugh says Jamaica is Pleased with Outcome of G20 Meeting in London

Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade, Dr. Kenneth Baugh, says the Government is pleased with the outcome of last week’s G-20 meeting in London, and is looking forward to consolidating the proposals at next week’s Summit of the Americas.
“It was very good, very constructive, and we are looking forward to a new approach, which will stimulate economic growth, while not ignoring the social responsibilities,” Dr. Baugh told JIS News.
The Deputy Prime Minister said he had no doubt that Jamaica would benefit, fully, from the package proposed by the G20, as the country has excellent relations with international financial institutions, such as the International Monetary Fund (IMF).
He said that CARICOM’s situation was highlighted at the meeting by the Prime Minister of Canada, Stephen Harper, who was anxious to represent the views of the region, which included the need for a climate in which countries can attract investments and increase their capacities to make use of free trade arrangements.
At last week’s G20 (Group of Twenty Finance Ministers and Central Bank Governors) meeting in London, the world leaders agreed to: treble resources available to the IMF to $750 billion; support a new SDR (Special Drawing Rights) allocation of $250 billion; support at least $100 billion of additional lending by the MDBs (Multilateral Development Banks); ensure $250 billion of support for trade finance; use the additional resources from agreed IMF gold sales for concessional finance for the poorest countries.
This constitutes over $1 trillion in support to restore credit, growth and jobs in the world economy.
“I was very pleased with the outcome, and I am satisfied that there were very intensive discussions, and that the leaders worked very hard to reach an agreement in which they have pledged to support multilateral institutions like the IMF and the IDB. Now we will go to the Summit of the Americas and seek to consolidate what specifically will happen to us,” he said.
United States’ President Barack Obama will make his first visit to the Caribbean since his inauguration in January, when he attends the Summit of the Americas in Port-of-Spain, Trinidad and Tobago, April 17-19. The meeting involves 34 Heads of State and Government in the region, including Jamaica’s Prime Minister, the Hon. Bruce Golding.
Dr. Baugh noted that, at the end of the Summit, Prime Minister Harper, will travel to Kingston with himself and Prime Minister Golding for further talks regarding Canada’s economic support for Jamaica.