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UK hosts discussion on better access to finance for Small Island Developing States

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Posted: Monday, October 26, 2020. 6:05 pm CST.

By Aaron Humes: Last week representatives from the United Kingdom, Belize, and Fiji hosted Small Island Developing States (SIDS) virtually to discuss solutions and recovery from the COVID-19 crisis, including better access to financing.

The British High Commission states that SIDS face issues relating to climate change, natural disasters, and rising sea levels, also significant challenges for employment, government revenues, and export income, most acutely from tourism and remittances which are highly vulnerable to economic shocks and climate change, exacerbated by COVID-19.

SIDS will be supported by the UK now and in the future, said Baroness Sugg, UK Minister for the Caribbean.

Co-chair, Yvonne Hyde, Chief Executive Officer in the Ministry of Economic Development and Petroleum described a “SIDS moment:” tailoring national response to the pandemic and clear the path to the future.

Senator Hon. Dr. Carla Barnett, Minister of State, presented on Finance Landscape Post COVID19 – Challenges and Opportunities in Access. She described the “collateral damage” to the economies battered by COVID-19 due to “business as usual.” “SIDS need solutions that can afford them the fiscal space to cover immediate needs, solutions that can help them sustainably manage their growing debt, and long-term solutions that don’t allow every crisis to become an overwhelming catastrophic event.”

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