President Kim who met with Ministers of Finance as well as Governors of central banks from the Caribbean who are attending International Monetary Fund (IMF) and World Bank meetings at its headquarters in Washington DC on Sunday, October 12, 2014, said there was an urgent need for the World Bank to meet with the Caribbean Ministers of Finance to develop a strategy to assist Caribbean countries.
“We are very much concerned about the Caribbean and we are ready to assist in any possible way, once we can create the program which will be beneficial to all”, he said.
Mr. Kim said he was aware that the Caribbean is going through a difficult time, but he urged the Caribbean Finance Ministers to meet among themselves to examine possible proposals they can present at the summit.
The proposal by the World Bank President to host the summit of the Caribbean Finance Ministers, came because of a request from Minister of Finance and Planning, Dr. Peter Phillips, who is concerned that the high debt of Caribbean countries as well as debt overhang, slow growth, climate change and high electricity rates will hinder physical growth.
Minister Phillips argued that there was an urgent need for these matters to be addressed and for concessional financing in terms of debt restructuring.
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