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Commissioner Wescot pleased with outcome of G20 summit.

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Philipsburg- Leader of Government Commissioner Sarah Wescot-Williams, says that she is hopeful with the outcome of the G20 Summit held last week in London.

Wescot added that as a small island developing nation, issues discussed by leaders from 20 of the world's most significant countries do have an impact especially when decisions are taken with respect to global policy issues.

Last week at the G20 summit, the world leaders agreed to treble resources available to the International Monetary Fund (IMF) to US$750 billion; support a new Special Drawing Rights which was allocated US$250 billion; support at least US$100 billion of additional lending by the Multilateral Development Banks; ensure US$250 billion of support for trade finance; and use additional resources from agreed IMF gold sales for concessional finance for the poorest countries. This constitutes over US$1 trillion in support to restore credit, growth and jobs in the world economy.

"Decisions taken at that level do have an impact on small developing island nations such as ours. Developing an offshore financial sector for example is one area. One must concur to certain international standards in order to avoid being blacklisted by major global players.

"We need to look at the approach taken by the G20 to stimulate global economic growth to see how this would influence our own economic growth. Regional leaders are looking at how to attract new investments and increase their capacities to make use of free trade arrangements," Commissioner Sarah Wescot-Williams told the (GIS).

Caribbean nations attending the Summit of the Americas in Port-of-Spain, Trinidad & Tobago, from April 17-19, which involves 34 Heads of State and Government in the region, will review the outcome of the G20 Summit and seek to consolidate what specifically will be the benefits for the Caribbean.

Last Updated ( Wednesday, 08 April 2009 22:04 )