PM Calls On Int’l Financial Institutions to Reconsider Classification of Countries

Prime Minister, the Most. Hon. Andrew Holness, has called on international financial institutions to reconsider how small developing countries are classified for loan consideration.

“I am reiterating my call for the international financial institutions to address this present problem known as the middle-income trap. We believe that a special highly indebted middle- income initiative could provide the framework for the type of support that these countries require,” said the Prime Minister.

Delivering Jamaica’s Policy Statement at the 73rd Session of the United Nations (UN) General Assembly at the UN headquarters in New York on September 27, Mr. Holness told world leaders that it is the greatest hope of small developing countries, such as Jamaica, that the UN high-level middle-income meeting, scheduled for later this year, will give full consideration to those matters as well as ways in which the UN system can provide support.

Mr. Holness said the goal is to forge collaboration and a partnership between UN member states and the private sector to determine practical solutions, as well as ways of sourcing new and long-term capital, utilising a mix of public, private and balanced financing.

The Prime Minister said that even as small developing states seek financing for sustainable development, they are mindful that “we live in a world where international peace and security are under threat”.

He said the world has witnessed terrorist attacks and grapples with a range of conflicts that appear intolerable.

Mr. Holness said that Jamaica is interested in efforts to build a secure environment through combating the illicit trafficking and trade in small arms and light weapons.

“We have made significant national institutional changes, undertaken policy enhancements and adopted legislative amendments in the areas of security and justice,” the Prime Minister noted, adding that Jamaica is looking forward to working with member states, the UN system and partners at all levels to ensure that the progress made is sustainable.