News Americas, UNITED NATIONS, NY, Fri. Sept. 27, 2013: Guyana’s President, Donald R. Ramotar on Thursday piggybacked on the concerns of Trinidad & Tobago’s Prime Minister over the criteria used by multilateral financial institutions to determine growth by small nations.
In his address to the 68th UN General Assembly on Thursday, Ramotar said Guyana is now considered a middle-income country and is no longer entitled to concessionary financing.
This he said is “a recipe for reversing the gains of hard work.”
The Guyana President urged the body to give greater consideration of the region’s special vulnerabilities stating that a country “can see one hurricane wiping out its entire [gross domestic product).”
While expressing his deepest condolences to Kenya over the recent terrorist attacks there, he pointed out the need to address inequality in income distribution globally.
The gap between the “haves and have-nots” has grown dangerously wider in recent years, he said and is at the heart of many current conflicts.
Chairperson of the Conference of Heads of State and Government of the Caribbean Community and Prime Minister of Trinidad & Tobago, Minister, Kamla Persad-Bissessar, on Wednesday called on the international community to support the regional body’s call for a review of the criteria used by multilateral financial institutions to determine growth by small nations.
She said Small Highly Indebted Middle Income Countries (SHIMICs) in the Caribbean are “being penalized” and not afforded concessional financing because of narrow criteria used by multilateral financial institutions.