According to Jamaica’s State Minister in the Ministry of Foreign Affairs and Foreign Trade, access to financing is “one of the biggest challenges” for developing countries, “on a path to recovery.”
Sen. The Hon. Leslie Campbell, who was addressing the 10th Meeting of the Presiding Officers of the Committee on South-South Cooperation on March 18, noted that “ cooperation among countries of the South (on access to financing ) can bring a degree of relief and support.”
He noted that; ”The southern cooperation agenda needs to focus on scaling –up financial resources; enhancing policy space and building resilience.”
According to the State Minister, southern entities/banks such as the Caribbean Development Bank and the Latin American Reserve Fund (FLAR) should be involved in the process of accessing financing and expanding liquidity.
Within the immediate context of the pandemic, Minister Campbell highlighted vaccine donations and other COVID-19 response assistance from fellow South countries as examples of effective South-South cooperation. In that regard, he expressed appreciation to ‘sister developing countries’ for their generous cooperation and donation extended to Jamaica.
The Minister underscored the importance of South-South cooperation not only in the context of the pandemic, but also of the overall growth and attainment of the Sustainable Development Goals (SDGs) of developing countries, like Jamaica.
To this end, he recommended that “south-south cooperation should be integrated into national development policies and systems.”
He also posited that; “Whilst there has been progress, renewed efforts are needed by development cooperation policymakers and practitioners to further systematize and build on the experiences, expertise and knowledge of countries of the South.”