Prime Minister Holness Urges Greater Support For Developing Countries By Global Financial Institutions

KINGSTON, Sep. 21 (JIS):

Prime Minister, Dr. the Most Hon. Andrew Holness, is urging greater support for developing countries by international financial institutions.

Addressing the opening ceremony for day two of the Summit of the Future Action Days at the United Nations (UN) Headquarters in New York on Saturday (September 21), Dr. Holness noted the capacity limitations of developing states to deal with the multi-dimensional challenges they experience.

These challenges, he pointed out, include climate change, debt sustainability and economic stability, access to financing for development and global shocks, adding that technology and knowledge transfer must be facilitated, including through mutually agreed arrangements.

“International financial institutions must be reformed to provide the necessary access to financing as the means of implementation. The multilateral system, with the UN at its core, must be equipped to provide opportunities for developing and sharing best practices. In this regard, a follow up mechanism will also be important, so that the implementation of commitments we make over the next few days can be appropriately measured and monitored,” the Prime Minister said.

Dr. Holness informed that the Government of Jamaica has commenced investing in anticipatory planning and future-proofing, starting with the creation of a solid macro-economic foundation.

“We have lowered our debt to GDP ratio, increased our foreign exchange reserves, reduced the unemployment rate and achieved single-digit inflation as well as financial sector stability. This has allowed us to increase investments in urban planning and infrastructure, building for the future while taking account of changing demographic trends,” he said.

Dr. Holness said the collaborative approach by the UN General Assembly in crafting the Declaration on Future Generations reflects the diverse perspectives and challenges across the world, which must be taken into account to lay the foundation for the next century and beyond.

This Declaration would account for the interests of future generations in national and global decision making, addressing issues such as climate change, technological transitions and sustainable development.

“Indeed, with the adoption of this Declaration at the Summit tomorrow, we will be able to celebrate a universal realisation that, even as we address the challenges of today, we have an obligation to protect the interests of Future Generations and ensure that they will inherit a planet in which they can thrive. We must now translate that enthusiasm into action by giving life to the Declaration,” Dr. Holness stated.

With the negotiations completed, the Prime Minister said it is incumbent on all stakeholders to ensure the effective implementation of the Pact for the Future, the Global Digital Compact and the Declaration on Future Generations.

“For governments, like mine, this effort will require a whole of society collaboration, as we seek to embed futures-thinking in all our decision-making processes across national and local government. The role of civil society, academia and the private sector in this endeavour will be critical in developing solutions, as well as building and maintaining momentum towards implementation,” Dr. Holness underscored.