This weekend, the President of France greeted the Prime Minister of Barbados, Ms Mia Amor Mottley, during her brief visit to Paris.
Recently many joint events emphasised their alliance; during COP27, a first French ministerial visit to Barbados, and this visit to Paris by the Prime Minister.
The President and Prime Minister discussed the preparation of the Summit for a New Global Financial Pact, planned for 22 and 23 June in Paris. They agreed to continue their close cooperation to prepare this decisive Summit, which seeks to lay the foundations of a more responsive, just and inclusive international financial system.
The President and Prime Minister discussed the first promising proposed solution, which builds on solutions both initiated by France and advanced by the G20 in recent years and the ambitious and innovative proposals of the Bridgetown Initiative, led by Barbados.
The aim is to address urgent liquidity needs through the greater sharing of IMF Special Drawing Rights, enlarged access to rapid credit facilities, more sustainable debt treatment, generation of the investment needed for greater economic and social resilience and the just transition to a low carbon world.
The two leaders strongly support a substantial increase in lending by the World Bank and other multilateral development banks, a far greater direction of private capital to developing countries, through new instruments and debt sustainability rules that better fit the global realities of the 21st century.
Separately, the two leaders reiterated the importance of removing obstacles to and strengthening the regional integration of the French dependent territories in the Caribbean – French Guiana, Martinique, Guadeloupe, Saint Martin and Saint Barthélemy – contributing to the whole region’s development.