Canada has agreed that when the G-20 leaders gather in Toronto later this month, it would outline CARICOM’s position on the crippling effects of the global financial crisis on the region and to support its calls for reform
He revealed that Canada had agreed that when the G-20 leaders gather in Toronto later this month, it would outline CARICOM’s position on the crippling effects of the global financial crisis on the region and to support its calls for reform of the international financial architecture.
“The need for special treatment to be accorded to our small developing countries has never been greater than at this time. Our call on the international financial community to take into consideration the particular concerns of our Small Highly Indebted Middle Income Countries (SHIMICs), as we are, has had a receptive ear from Canada,” Carrington said.
“These concerns particularly relate to inadequate access to concessionary financing as well as the severe impact of international regulation on the region’s financial services sector.”
Commenting on the effectiveness of Canada’s advocacy on the region’s behalf, Ambassador Montour said that his country has had a long history of an “effective and efficient” financial and banking system and had sustained minimum impact from the financial crisis.
“We strongly believe and feel that we are capable of advocating the concerns of the region and other developing nations that have suffered most from this crisis,” he said. “We are going to speak on behalf of developing countries so that in the new framework for financial management at the international level, the impacts of a financial crisis on those are minimized.”
