Ibero-American summit in Dominican Republic discusses inflation, migration

Leaders attending the Ibero-American Summit meeting in the Dominican Republic have highlighted rising inflation and migration as risks to the stability of the region.

Presidents and representatives from 22 countries have gathered in Santo Domingo for the weekend summit on Saturday, which provides a forum for leaders from across Latin America as well as Spain and Portugal.

The meeting comes as the region is grappling with stubbornly high inflation and global concerns over the financial sector after the failure of US regional banks Silicon Valley Bank and Signature Bank this month.

"At this point in time, with so much (of the financial sector) concentrated, with so much speculative play, we should already understand that the current financial system does not have to be helped anymore. We must drastically change it," said Argentina President Alberto Fernandez.

Leaders also called for regional collaboration on migration amid thousands of people fleeing Latin American countries for the US border due to economic hardships, rising violence and other challenges.

"Today migration management constitutes one of the great regional challenges," said Chilean President Gabriel Boric.

"There is no infallible recipe and any solution requires working together with countries of origin, transit and destination."

Colombian President Gustavo Petro told journalists he was considering going to Haiti to assess the most "constructive" role for Colombia there.

The Caribbean state faces a humanitarian crisis driven by gangs that rights groups say now control most of the country.

The United Nations has urged countries to "urgently consider" deploying a specialised force.

READ MORE: Haiti's political crisis deepens as last senators leave office

Food crisis

Venezuelan President Nicolas Maduro, meanwhile, cancelled his attendance at the Ibero-American summit after receiving a positive Covid-19 test result, though he has since tested negative twice, Vice President Delcy Rodriguez said.

The summit would have marked Maduro's first foreign trip this year.

On Friday, the summit addressed the food crisis in the Caribbean and Latin America, the region where basic healthy diet is most expensive, at $3.89 per person per day in 2020, compared to $3.19 in North America and Europe, according to the UN.

This is a price that 22.5 percent of the region's population cannot afford, according to the UN — more than 130 million people in 2020.

READ MORE: Latin America, Caribbean call for more international funding at CELAC meet