Barbados PM Nominated To Chair World Bank, IMF Committee

(CMC) — Barbados Prime Minister Mia Mottley has been nominated to serve as Development Committee chair for the World Bank and the International Monetary Fund (IMF), according to a government statement issued in Barbados.

It said that Mottley, who is also minister of finance, economic affairs and investment, has been nominated to serve on the committee, along with Mesdames Azucena Arbeleche, Minister of Economy and Finance of Uruguay.

“In line with the nomination by the chairs of the Latin American and the Caribbean Region, the Board of the World Bank has approved Prime Minister Mottley and Minister Mesdames Azucena Arbeleche to serve as chair of the joint World Bank Group and International Monetary Fund Development Committee (DC),” the statement said, adding that Mottley has been nominated to serve as chair for the period November 2020 to October 2021, and Arbeleche for the period November 2021 to October 2022.

The first term will become effective following the October 2020 annual meetings of the World Bank and the IMF.

“We are honoured by these nominations. We are aware of the challenging times all countries, especially developing ones, are facing, and the relevant role that Multilateral Organizations, like the World Bank and the International Monetary Fund, must play in supporting all client countries during this health and socio-economic crisis,” the two nominees said in a joint statement.

The Development Committee is a ministerial-level forum of the World Bank Group and the IMF for intergovernmental consensus-building on development issues.

Known formally as the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries, the committee was established in 1974.

“This is the first time that the chairmanship of the Development Committee is split at the nomination step. The prime minister and minister have agreed to undertake the duties of the chair as a team.

“They are planning to share the different tasks of the position in a cooperative way, allowing for more consistent and significant efforts in relation to the DC agenda,” the government statement added.

“This is an innovative arrangement, which will leverage nominees’ experiences and diverse perspectives of the Caribbean and Latin America sub-regions, while at the same time embracing the region’s similarities,” it added.