UNITED NATIONS (CMC) — Jamaica on Tuesday called for a global plan that is as “innovative, ambitious and impactful” as the Marshall Plan was to Europe’s recovery after the devastation of World War II.
Addressing the virtual UN High-Level meeting on “Financing for Development in the Era of Covid-19 & Beyond,” Prime Minister Andrew Holness said much more will be required of all of member countries and without delay.
“The scope of this pervasive pandemic clearly demands an extraordinary, inclusive and sustainable global management and recovery process. However, as public finances around the world come under pressure, attracting and leveraging private capital is a critical part of the recovery,” Holness said as he joined his co-conveners, Prime Minister Justin Trudeau of Canada and UN Secretary-General, Antonio Guterres, in welcoming Heads of State and Governments to this high-level discussion.
Holness said that governments have started to implement fiscal and other measures to address the most urgent consequences and that multilateral financing institutions, notably the World Bank, the International Monetary Fund (IMF) and regional banks have mobilised support.
“Caribbean islands, with heavy dependence on service industries, particularly tourism, have been among the most severely impacted. The poor, the vulnerable and our women have been primary victims.
“The reality for developing countries is one of overburdened health systems, weak infrastructure and inadequate fiscal resources to respond effectively to the social and economic consequences of the pandemic,” Holness said.
He told the conference that the proposals to be discussed focus on the immediate crisis response, securing a recovery that is based on strengthened resilience, and transitioning over the long-term to green, inclusive and sustainable development.