Speech by the Prime Minister

Statement by Dr. The Most Honourable Andrew Holness at Session One of G20 Leaders’ Summit in Johannesburg, South Africa

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Statement by Dr. The Most Honourable Andrew Holness at Session One of G20 Leaders’ Summit in Johannesburg, South Africa
Prime Minister Holness is greeted by South Africa’s Minister of International Relations and Cooperation, the Honorable Ronald Lamola at the start of the G20 Summit today.

Statement

By

Dr. The Most Honourable Andrew Holness

Prime Minister  of Jamaica

At

Session One: Inclusive and Sustainable Economic Growth Leaving No One Behind: Building Our Economies; The Role of

Trade; Financing for Development and the Debt Burden

On

Saturday, 22nd November 2025, 10:15 a.m. to 2:00 p.m.

___________________________________________________

 

Jamaica supports the global agenda to make economic growth not only strong and sustainable, but also inclusive and resilient.

Our story is one of social partnership and sacrifice. We transformed our economy after decades of instability. Through disciplined macro‑fiscal reforms, anchored in responsible debt management, institutional strengthening, and targeted pro‑growth initiatives, we reduced our debt‑to‑GDP ratio, lowered poverty and unemployment, contained inflation, stabilized foreign exchange, and built robust international reserves.

Now, our focus is on translating the dividends of sacrifice into investments in our people. Getting the policy mix right is both an economic and moral imperative.

Yet, one external shock can undo years of progress. Hurricane Melissa, a Category 5 storm, has devastated seven parishes, its impact will negatively affect our debt trajectory and the road ahead will be challenging.

This is our reality today. But it is also the recurring story of vulnerability told by Small Island Developing States across CARICOM.

Global partnerships will be essential to our recovery. The G20 commitment in 2021 to recycle SDR allocations led to the creation of the IMF Resilience and Sustainability Trust. This facility provides developing countries with relatively low‑cost financing and longer maturities. We urge the G20 to preserve and strengthen this mechanism.

We also call for innovative, flexible financing solutions, such as thematic bonds for climate adaptation and blended‑finance structures to support resilient infrastructure, designed to meet the unique needs of climate‑vulnerable economies.

Jamaica further calls on the G20 to advance a rules‑based, equitable global trading framework that enhances predictability, flexibility, and resilience for small economies.

This should include:

  • Expanding access to targeted financing and risk‑insurance instruments tailored to the needs of SIDS.
  • Supporting technological upgrading and productive capacity enhancement.
  • Integrating multidimensional vulnerability indices into eligibility and financing terms across IFIs and climate funds, so countries can invest in resilience without compromising fiscal stability.
  • Establishing a Loss and Damage financing window with clear, rules‑based triggers for timely and predictable support.
  • Advancing a Global Skills and Trade Compact for SIDS to strengthen human capital, competitiveness, and inclusive growth.

Through these actions, the G20 can ensure that global trade and financial systems become more than engines of growth. They can become forces for shared prosperity, resilience, and sustainability, leaving no nation behind.