Antigua's finance minister outlines debt challenge at UN
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| Published on Wednesday, October 24, 2007 |
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NEW YORK, USA: Minister of Finance and Economy Dr Errol Cort has outlined the challenges that Antigua and Barbuda faces in securing finance from the international community for development projects.
Cort told the United Nations General Assembly that the single most pressing international finance challenge for Antigua and Barbuda is reducing the country's external debt to a sustainable level. He was at the time addressing the United Nations General Assembly, during a special high-level meeting on international financing for development.
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| Minister of Finance and Economy Dr Errol Cort delivers an address to the United Nations General Assembly, outlining the challenges in sourcing finance for development |
"It is extremely challenging for us to make mid- to long-term development plans backed by sound economic growth forecasts in the face of persistent levels of unsustainable debt. It also challenges our ability to accurately forecast social spending beyond the short-term," Cort told the other ministers and delegates in attendance.
The Minister joined other Economic and Finance Ministers from all over the world gathered at the UN to review progress made in implementing the international community's commitments to financing development in low and middle-income countries.
In addition to drawing attention to the issue of unsustainable debt, he also highlighted some of the challenges faced in attracting foreign direct investment (FDI) and making sure investors contribute significantly to economic growth and increased standards of living. He pointed out, also, that although FDI has great potential for economic growth and for providing revenues needed for social spending, investors are often weary of small, vulnerable economies.
"Investors hedge their risks and in so doing they often choose to look to capital markets that are less risky than small-island states. The international system should help such countries manage risks through, for example, lowering risks to investment in physical infrastructure projects and the provision of capacity building support to create the necessary regulatory framework," Cort told the assembly.
The Minister will continue the dialogue on financing development tomorrow, when he will join other ministers and stakeholders for an interactive, frank exchange of views on the topic of debt reduction and how it can help countries like Antigua and Barbuda achieve higher levels of economic growth and social development. | | | | Reads : 385 | | | |
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