Statement by

His Excellency Raymond Wolfe

Permanent Representative of Jamaica to the United Nations

on behalf of the Caribbean Community (CARICOM)

at the Inaugural Meeting of the Ad Hoc Working Group – Outcome of the Conference on the World Financial and Economic Crisis and Its Impact on Development

 

New York
9th September 2009

 

 

Co-Chairs,

 

I have the honour to make this intervention on behalf of the 14 Member States of the Caribbean Community (CARICOM). We align ourselves with the statement delivered by the distinguished representative of Sudan on behalf of the G77 and China.

 

Co-Chairs,

 

            As we have consistently indicated in various fora, CARICOM continues to attach great importance to this process which we deem to be critical to the overall effort to address the global financial crisis which has already severely impacted, and has the potential to further jeopardize various sectors of our economies.

 

We commend the President for his passion and commitment to the timely implementation of the outcome of the recently concluded Conference on the World financial and economic crisis, thus ensuring that the Conference was not an end in itself but rather the beginning of a process. In this context, we wish to congratulate you both, the Permanent Representatives of Zambia and Norway, on your appointment to serve as Co-facilitators of the Ad hoc open-ended working group (AHWG) to follow-up on the issues contained in the Outcome of the Conference on the World financial and economic crisis and its impact on development. We are confident that your efforts will result in a fruitful and productive outcome.

 

As we move this process forward, it is our view that the Working group should seek to address inter alia the following issues:

 

1.     Access to concessionary financing and grant funding to small, highly indebted vulnerable countries in response to the crisis;

2.     Re-evaluation of the criteria to measure economic sustainability of middle-income countries;

3.     The provision of new and additional resources to assist developing countries, in particular the most vulnerable among us, to assist us to rebound from this crisis;

4.     The need for a level playing field with respect to the treatment of offshore jurisdictions and the strengthening of the UN Committee of Experts on International Cooperation in Tax Matters;

5.     The need for a comprehensive reform of the global financial and economic system in keeping with current realities.

 

As the terms of reference of the Working group has been already defined by the Outcome document, we look forward to an expeditious process of follow-up and implementation. CARICOM remains ready to assist you both in this regard.

 

Thank you Co-Chairs.