UK backs new approach for Caribbean access to concessional financing

The British High Commissioner to Barbados and the Eastern Caribbean, Scott Furssedonn-Wood, says the United Kingdom is keen to find a more sophisticated way of determining how developing countries can access concessional financing.

Caribbean countries have been pushing for a multidimensional vulnerability index (MVI) rather than gross national income (GNI) to inform their ability to access developmental financing from international institutions, such as the International Monetary Fund (IMF) and the World Bank .

The Caribbean countries have argued that despite their GNI, a climate event can result in loss and damage amounting to a significant chunk of their gross domestic product.