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World Bank to examine Carib debt overhang, slow growth, energy rates

Finance and Planning Minister  Dr. Peter Phillips greets World Bank President Jim Young King as he arrives at the headquarters of the World Bank on Sunday October 12 for a meeting with Caribbean Ministers of Finance and Governors of Banks.  (Photo by Derrick Scott) Finance and Planning Minister Dr. Peter Phillips greets World Bank President Jim Young King as he arrives at the headquarters of the World Bank on Sunday October 12 for a meeting with Caribbean Ministers of Finance and Governors of Banks. (Photo by Derrick Scott)
WASHINGTON DC, Oct 14, 2014 - President of the World Bank Group, Jim Young Kim is to meet with Caribbean Ministers of Finance and Governors of the region’s central banks at a summit early next year to examine how the bank can assist with formalizing projects related to debt overhang, slow growth, climate change and high electricity rates.

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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