McClean addresses de-risking, SDGs at UN

Minister of Foreign Affairs, Maxine McClean, has taken Barbados’ concerns over de-risking on correspondent banking activity to the United Nations General Assembly (UNGA).

In her address to the 71st session of the UNGA this afternoon, McClean said “the negative impacts of the economic and financial decisions of international financial and other institutions”, as well as “persistent and unwarranted attacks” on the island’s international financial services sector are detrimental to economic development.

“These actions threaten our economic stability and our ability to participate in global financial, trade and economic systems.  They undermine our capacity to achieve full implementation of the Sustainable Development Goals,” McClean said.

Minister of Foreign Affairs Maxine McClean

She also called for dialogue with development partners, as well as greater flexibility for Barbados and Small Island Developing States (SIDS).

The issue of de-risking has been a major concern for member states of the Caribbean Community (CARICOM) after several, including Barbados, Belize, Antigua and Jamaica, have reporting that they have begun feeling the impact of the decision by international banks to terminate or restrict correspondent banking relationships with those countries.

On the issue of the Sustainable Development Goals, McClean told the UNGA that there is need to act now in order to meet the 2030 deadline for achieving the targets.

“Barbados believes that partnership and collaboration will be the keys to fulfilling the promise of Agenda 2030. This is especially true for SIDS,” she said.

McClean pointed to last week’s launch of the 2016 Caribbean Human Development Report, noting that it highlighted the unique situation of SUDS and low-lying coastal states in the region.

“Three central issues stand out – They are vulnerability, resilience and sustainability. Barbados welcomes the report. It validates the consistent call by the Heads of Government of the Caribbean Community (CARICOM) and of SIDS in general, for SIDS to be recognised as a “special case” for sustainable development,” she told the audience.

According to her, Government is devising and implementing strategies to strengthen social, economic and environmental resilience “consistent with our national growth and development philosophy”.

Minister McClean also reiterated Bridgetown’s support for CARICOM neighbours Belize and Guyana, in their protracted disputes with neighbouring states Guatemala and Venezuela.

She added that Barbados welcomes the progress towards normalisation of relations between Cuba and the United States, and looks forward to the complete removal of the decades-old embargo.


3 Responses to McClean addresses de-risking, SDGs at UN

  1. Jada Phenix
    Jada Phenix September 24, 2016 at 6:46 pm

    Haven’t hear about her in a while wondering where she was?

  2. Tony Webster September 24, 2016 at 7:22 pm

    Mendicancy, in a Rihanna gown.
    Any hope of counteracting the bully boys of OECD, lies in real diplomacy….the real work done by real diplomats out of the glare of public utterances. The latter, when made so publicly in the glare of global-sized TV cameras, usually indicates either:-
    (a) defeat/ failure is just around the corner, and a handy whipping-boy needs be prepared….or
    (b) a dressed-up appeal for a hand-out from those whose pity is to be elicited from the highest-available podium- as the only remaining option.Yes, it cud even be both.

    Absolutely nothing of tangible value to this struggling nation is to be gained from this adventure in the U.N. General Assembly….which usually only has a few seats filled…with dozing-off maguffies.

  3. seagul September 26, 2016 at 9:30 am

    Unilateral and unidimensional policies of international development agencies which penalizes us for progress in human development, while ignoring our obvious vulnerabilities —-Erase the CORRUPTION!!!


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