The Prime Minister has urged world leaders to “use the power of the pen” and impose natural disaster and pandemic clauses in developing countries’ debt, as well as remove the current barriers to accessing financial assistance from multi-lateral development banks.
JOHANNESBURG – The Prime Minister of Barbados – Mia Amor Mottley says the international financial system needs to be reformed – to reflect today’s realities better.
The Prime Minister has urged world leaders to “use the power of the pen” and impose natural disaster and pandemic clauses in developing countries’ debt, as well as remove the current barriers to accessing financial assistance from multi-lateral development banks.
Mottley delivered the keynote address at the 20th Nelson Mandela lecture in Durban on Saturday – where she called for lower interest rates to enable governments to invest more in social programmes.
"And if we can therefore ensure that if we can borrow at reasonable rates of interest, the savings and the interest will finance many of the social programmes that now go lacking in our societies because of an unfair financial system."
Mottley says multilateral lenders need to relook at their lending criteria which she has described as unfair.
"Two years ago, Greece and Ghana had the same credit rating but Greece borrowed at a fraction of what the government of Ghana could borrow on the international capital markets. For what reason, because one is in Africa and one is in Europe? Geography?
"I do know about the safe assets, yes but the safe assets are a construct of the international financial architecture that does not see us, does not hear us, and does not feel us."
Please see the full transcript of the #MNAL2022 speech by the Honourable @miaamormottley, Prime Minister of Barbados, at the 20th Nelson Mandela Annual Lecture.https://t.co/If9wUld6VI#MandelaLecture#NMAL2022#NMF4Earth#NelsonMandela pic.twitter.com/j4KRPlISEG
“There are no words to do this lecture justice.” – @sellohatang, talking about today’s 20th #MandelaLecture, delivered by @miaamormottley #NMAL2022#NMF4Earth#NelsonMandela pic.twitter.com/6BDbHcmDqe
Former First Lady Graca Machel has praised Mottley for being a compass on the climate crisis.
Machel says Mottley’s voice on the issue is needed even more – due to the global leadership crisis.
Mottley is the first female leader of the Carribean Island nation.
She has been hailed as an advocate for climate justice around the world, and has promoted a robust decolonisation discourse.
She was recently given the United Nation’s highest environmental honour – the 2022 United Nations Champion of the Earth award.
Machel says she’s happy that a woman has chosen to take the lead amid the climate crisis.
"It is an African child, a woman from a tiny country in this global crisis of leadership, she rises to the global community, to the human family and says yes there is a crisis or there are many crises but I’m here and I’m ready to lead."
