Barbados & other countries reeling after loss of correspondent banking capacity

Barbados, the Caribbean, and other small developing countries continue to reel after the loss of correspondent banking capacity.

According to Prime Minister Mia Amor Mottley, this makes it difficult for huge sectors of these countries’ populations to take part in global commerce, which is conducted through US and Chinese based digital platforms.

Speaking during the inaugural World Trade Organization’s Presidential Lecture in Geneva, she says people like tele-workers, app designers and service providers run the risk of being prevented from earning a living, as opportunities outside of these digital platforms are shrinking.

The Prime Minister also gave an update on the response to her calls for more money from developed nations to fight climate change, made at COP26 in Glasgow last year.

She says there have been some discussions on the sidelines of the G20 and other recently held conferences.

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