Barbados calls out biases of credit rating agencies

Barbados has called out the inherent biases of credit rating agencies.

Prime Minister Mia Amor Mottley says there’s discrimination in the way countries of the global north and south are treated.

The global north includes the United States, Canada, the UK, and nations of the European Union, while the south consists of the majority of the countries located in or near the tropics.

The Barbadian leader also says the financial markets do not equally treat countries of the global north and south the same.

Her comments came during a webinar hosted by the Inter-American Development Bank and Financial Times titled “Exploring Sustainable Growth Opportunities for Latin America and the Caribbean”.

It was part of the annual meeting of the IDB in the Dominican Republic.

Ms. Mottley told the forum that regardless of how well countries perform, their size is a limit.

While welcoming the breakthrough on the Loss and Damage Fund, Ms. Mottley says it has not been properly operationalised nor capitalised.

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