Recent hurricanes have caused huge destruction in the Caribbean, including the already heavily indebted countries of Dominica, Cuba and Antigua & Barbuda. With climate change, such devastating disasters are only likely to get worse, including in the Caribbean. Except for Haiti, Caribbean countries have been excluded from past debt relief initiatives.
We call on all creditors, including the IMF and World Bank, to:
- Declare an immediate moratorium on all debt payments for Dominica, Antigua & Barbuda, Cuba and any other countries drastically impacted by hurricanes in recent weeks.
- Reduce debts for all Caribbean countries to a sustainable level, and give assistance to rebuild as grants, not loans.
- In light of the increased risks from climate change, create a permanent mechanism to suspend debt payments and reduce debt payments to a sustainable level, for all vulnerable countries hit by disasters.