NEW YORK — Jamaica’s Prime Minister Dr. Andrew Holness has urged urgent reform of the world’s multilateral systems so that small nations, including his own, can gain fairer access to financing streams essential for sustainable growth.
“Jamaica has achieved economic growth, moving our debt ratio to 62 percent of gross domestic product (GDP), but we are still locked out of concessionary financing,” Holness told the United Nations General Assembly during his address on Thursday.
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He called for an expansion of multilateral mechanisms to provide wider access to international financial markets, arguing that current structures favor larger economies. Multilateral systems generally offer low-interest loans, grants, and technical assistance through development banks and UN agencies, but concessional support often remains limited to only the poorest nations.
Holness emphasized that reforms are needed to ensure fairness and inclusivity. “Multilateral systems must be fair,” he said, stressing that no country should be too small to be heard or excluded from the benefits of globalization. He added that Jamaica continues to support multilateralism, but it must work for all, ensuring challenges are addressed equitably while respecting sovereignty.
The Prime Minister reaffirmed Jamaica’s commitment to the UN Charter while urging revitalization of the institution to meet the challenges of the 21st century. “The United Nations needs to build systems that are sensitive to the needs of members,” he said, calling for structures that are more democratic, responsive, and representative of evolving global realities.
Holness noted that the UN80 initiative, a reform program launched in March by Secretary-General António Guterres, provides an opportunity to strengthen multilateralism through institutional reform, concrete action, and renewed political will. He also called for greater efforts to uphold commitments toward stability, humanitarian relief, and infrastructure rehabilitation.
“The global financial system remains fundamentally flawed. It penalizes reforming economies like Jamaica with high borrowing costs while ignoring our vulnerability,” Holness warned. To address this imbalance, he voiced strong support for adopting a multidimensional vulnerability index to better reflect countries’ development needs and eligibility for concessionary financing.
He further endorsed innovative financing models, including debt-for-climate and debt-for-nature swaps, as well as blended finance instruments capable of unlocking private sector investment in sustainable development projects while easing debt burdens.
