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  • Finance and Planning Minister, Hon. Dr. Peter Phillips, is urging the G20 to make good on its promise to assist the Caribbean region to mitigate the effects of the financial recession of 2008.
  • Dr. Phillips expressed concern that the group of major economies have not kept its promise to provide financial support to assist the region.
  • Dr. Phillips reminded his audience that the Caribbean was most severely affected by the recession and is the region where the effects have been the most prolonged.

Finance and Planning Minister, Hon. Dr. Peter Phillips, is urging the G20 to make good on its promise to assist the Caribbean region to mitigate the effects of the financial recession of 2008.

Speaking at a Caribbean breakfast and caucus meeting in Washington DC on Thursday, October 9, Dr. Phillips expressed concern that the group of major economies have not kept its promise to provide financial support to assist the region.

Dr. Phillips reminded his audience that the Caribbean was most severely affected by the recession and is the region where the effects have been the most prolonged.

“We continue to suffer because the expectations that were generated in 08, coming out of the first meeting of the G20 nations, for resources to alleviate the plight of the region that was hardest hit by the crisis, have been unfulfilled,” he stated.

The session was part of the annual International Monetary Fund (IMF) and World Bank board meeting, which is being held October 8-13.

Minister Phillips told the gathering of Caribbean Prime Ministers, Finance Ministers, World Bank and IMF officials, that there is urgent need for the G20 to fulfil its promise, citing the region’s high debt burden, climatic vulnerabilities, along with energy insecurities.

He said Jamaica, for its part, has embarked on a strenuous programme of economic reform, through which the country must achieve certain targets.

The G20 is a forum for the governments and central bank governors from 20 major economies. The members include 19 individual countries – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russian Federation, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and the European Union.

On Friday, October 10, the Finance and Planning Minister will be among a number of panellists to discuss the topic “Caribbean Economics, Has Recovery Arrived?   While on Saturday he will address, “Private Partnership for Public Service Delivery”.

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