Debt relief for Small Island Developing States (SIDS) recovery

Richard Jones, officer-in-charge at CPDC

The international community needs to establish a post-COVID-19 debt relief initiative to assist Small Island Developing States (SIDS) in their recovery from the public health crisis.

Mr. Richard Jones, officer-in-charge at the Caribbean Policy Development Centre (CPDC), is the host organization and Chair of the UNCTAD 15 International Civil Society Facilitating Group, made the assertion while delivering introductory remarks and overview of the Civil Society Forum on Thursday.

“With regard to debt and development, Civil Society is concerned with the rising external debt burdens that continue to absorb a growing share of developing countries’ resources,” Mr. Jones said.

“The pandemic has worsened the existing situation of high indebtedness significantly, as many countries have been forced to retreat to the debt markets and amplify their borrowing to maintain their healthcare services and social safety nets, in the face of notable declines in economic output and revenues.  As a result, there is a need for a post-COVID-19 Debt Relief Initiative for Least Developed States (LDCs), SIDS and other qualifying developing countries to have immediate debt relief to permit economies to tackle the threat of significant increases in poverty and inequalities within these countries.”

This recovery will pave the way for increased focus on technology justice for SIDS, Jones furthered.

“The intensification of digitalization post-COVID indicates a shift that is here to stay – with transnational platform behemoths firmly taking control of global value chains. We are witnessing not just the expansion of e-commerce marketplaces. Rather, the platform model signals a deep transformation of production relations as data power becomes a proxy for market power.  Without appropriate rules for the emerging digital context, the international trade regime based on the de facto flow of data from developing to developed countries is reinforcing and deepening economic inequalities among countries.”

Jones also highlighted the significance of establishing a climate justice adaptation and sustainability framework that not only decreases the rapid pace of climate change, but also fosters a sustainable approach to development.

The host organiser noted that these are but a few of the issues that the civil society forum will address and will also include issues related to the blue and green economies and their roles in economic sustainability, poverty reduction, and food security with a focus on SIDS.

“We [also] intend to delve deeper into strategies such as Just recovery, adaptation strategies, adequate financing mechanisms and other resilience-building initiatives to address identified concerns.”

Jones underscored the importance of the Civil Society Forum and urged partners to use the platform provided by UNCTAD 15 to “re-energise and refocus” their efforts towards a fairer world.

“[This] a great occasion for us to use our collective voice to make sense of our reality and proffer solutions,” he concluded.

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7 Comments

  1. Ibo France
    September 28, 2021

    The international community is presently suffering from donor and bailout fatigue. The leaders and their enablers of these small countries live in unimaginably affluence and yet go globetrotting with tin cup in hand begging.

    If they would stop the wanton corruption; reduce the size of Cabinet and the public service; cut the fat with the allowances and perks for government officials; hold public officials accountable and subject every government agency to frequent and thorough forensic auditing, these countries would be financially strong and stable.

    Corruption, opacity, greed, inequity, inequality and bad governance have these tiny countries on the brink of total economic collapse.

    • How about the parrots
      September 30, 2021

      All u will win am election one day eh pal, but ..all you going about it the wrong way with this failed strategy of throwing this whole country out with the bath water. Did you read this first before you comment?
      As long as I would like there to be a change of govt after 20yrs of the same, all you want to win like trump, as d even he has squandered a presidency and failed. Come to your senses and change to serious opposition tactics so that the rest of us can support you. Think padner think.

  2. zandoli
    September 28, 2021

    Although I don’t disagree with the concept, many of those in leadership positions should lead by example before asking others to forgive their debt.

    You are asking people like me who dutifully pay my taxes to subsidize people like Skerrit who lavish themselves with a $64K monthy allowances, plus salary, plus other perks while most people’s incomes come nowhere close theirs.

    I understand people like Skerrit who live in their bubbles have long forgotten the hardships faced by ordinary citizens, but it a hard pill to swallow when these leader who are supposed to have their people’s interest from and centre seem to be there only for themselves.

  3. %
    September 28, 2021

    In my opinion, debt relief should come only after the level of corruption and corrupt activities are determined. In Dominica for example, as we speak, a significant percentage of the population have not benefitted anything in terms of covid relief, even when the government cannot account for EC$4 000 000 000.00 of the peoples money, and international organisations financially contributed towards covid relief..Small businesses and the ordinary man are abandoned, but yet a few, mainly party political supporters are having their bread buttered.
    So yes debt relief, but i see it not redounding to the benefit of the ordinary citizen where corrupt leaders with dictatorial tendencies in government LIE, STEAL and CHEAT .. Conditionalities should be placed on the table before debt relief..Many African countries with corrupt governments have gotten debt relief, but corrupt leaders still used it as a catalyst to steal more..Finally in the OECS we have a few very corrupt leaders. Do your…

    • Ibo France
      September 28, 2021

      Right on point, %. Look what happened to the PetroCaribe $270 000 000, disappeared in thin air as if it was vapour.

      Let these governments be subjected to financial audits with fine tooth combs before debt relief. The relief usually disappears in short time without a trace and the ordinary man and woman’s circumstances change for the worse as inflation grows.

  4. Maria
    September 28, 2021

    Sir, the financial institutions including world bank etc. ought to audit the budgets and in particular passport selling accounts of those small island states before they granted further funds by the financial institutions. It can’t be that they are being loaned more and more money only to default at the end of the day at the expense of these lenders. Most of the so called leaders of small island states are multi millionaires after only a few years in power. Why is that? Why does nobody question that? Is it right that the world community should finance the lavish live style of a few despots? I do not think so!!!

  5. Toto
    September 28, 2021

    I’m really pissed with this, why we always have to behave like beggars so when our swaggering leaders have tax free money already in offshore bank and spending with cheap taste. How can we demand respect from our donors like that, as if they owe us instead of us owing them. To be honest garcon as a Dominican you making me feel very small today, like a small turd with a big smell.
    Please, give us some self-respect instead.

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