The Tribune

PRIME Minister Dr Hubert Minnis highlighted the negative impact that criticism from developed countries about offshore financial centres has on the economies of countries like The Bahamas during a speech to UN heads of state yesterday.

“On a matter of great importance to The Bahamas, adverse pronouncements by larger economies pertaining to offshore international financial centres, especially against those in small developing countries, further exacerbate economic challenges,” he said during the virtual meeting on financing and development in the era of COVID-19 and beyond.

“Once again, we ask for the support of the United Nations, the relevant international financial institutions and like-minded countries to assist us in our call for fair play and equitable treatment in the global financial arena.”

Dr Minnis commended the United Nations for its efforts in helping countries through the COVID-19 crisis but reiterated the government’s long held view that countries like The Bahamas are not given sufficient financial assistance because of flawed methodologies.

“Notwithstanding these noble efforts by the UN, funding and assistance of this nature remain largely unavailable to countries such as The Bahamas, because of perceived wealth that is measured by inadequate and improper tools,” he said.

“The deleterious impacts of climatic events and the current pandemic on the global economy have made it abundantly clear that the outdated methodologies of assessing a country’s wealth are no longer justifiable. Priority must be given to developing a vulnerability index that will inform key policy sectors of international financial institutions, and guide development assistance. The 2030 Sustainable Development Goals seeks to leave no one behind, and so should financing for development. The world needs affordable development finance now, where no country is left behind.”

He added: “Financing for development was of critical importance before the COVID-19 Pandemic. Such funding now assumes even greater priority as we witness economies, large and small, spiralling with uncertainty, operating in constant flux, experiencing fiscal shocks, and attaining adverse projections from international financial institutions.”