Governor Greenidge Assumes Chairmanship of the V20 Central Bank Governors Working Group

Central Bank of Barbados Governor Dr. Kevin Greenidge is now the Chair of the V20F Central Bank Governors Working Group. This follows Barbados assuming the Presidency of the CVF/V20 Finance Ministers.

Dr. Greenidge, who is in Washington, DC, for the International Monetary Fund’s (IMF) Annual Meetings, used the opportunity to gather with Governors, Deputy Governors, and other high-level central bankers from the six regions within the V20 to address the financial challenges faced by climate-vulnerable nations.

Following the meeting, he said, “Barbados is deeply committed to leadership in this critical area, recognising the importance of bringing central banks and their governors to the table. It’s essential that we don’t leave ministries of finance to tackle climate vulnerability alone. As central bankers, we must align financial systems with sustainable practices. This involves integrating climate-related risks into monetary policy, financial supervision, and investment portfolios. We’ve started our work by exploring the ‘Lifeline’ concept and its effective implementation to support vulnerable countries.”

Lifeline is a financial safety net that involves pooling foreign reserves from V20 member countries to offer rapid financial assistance to nations affected by natural disasters.

Dr. Greenidge revealed that V20 Finance Ministers have also launched a new initiative to address the impacts of the climate crisis on economies, monetary policies, and financial stability.

“Together, we committed to securing the financial resources needed for adaptation and sustainable development. Barbados remains dedicated to amplifying the voices of vulnerable nations and driving global climate action.”

Comprising 70-member states across Africa, Asia, the Pacific, and Latin America and the Caribbean, the V20 seeks to address the economic and financial impacts of climate change by advocating for climate finance, sustainable development, and economic resilience.