UN senior advisor supports PM’s plan for vulnerability index to address small island financing needs Copia

Dr. Simona Marinescu, Senior Advisor on Small Island Developing States (SIDS) at the United Nations Office for Project Services (UNOPS), has expressed her full support for Prime Minister Gaston Browne’s initiative to introduce a Multidimensional Vulnerability Index (MVI) aimed at assessing countries’ financing needs.

Highlighting the challenges faced by donor countries and agencies amidst their crises and conflicts, Dr. Marinescu emphasizes the dwindling development assistance for countries grappling with catastrophic events.

She paints a vivid picture of the current landscape, shedding light on the pressing need for innovative solutions.

“Over the last four years, assistance to SIDS declined by 22 percent, a part of it is because SIDS continues to do better in terms of their economic performance.

That does not mean they would still not need financing particularly when they have such large stage disaster,” Marinescu said.

Prime Minister Browne’s endorsement of the MVI as a robust benchmark to gauge structural vulnerability resonates strongly with Dr. Marinescu.

She anticipates that the upcoming SIDS4 conference will serve as a platform for in-depth discussions, fostering widespread acceptance of the MVI as a crucial tool for identifying countries in urgent need of developmental and recovery financing.

“We will speak in Antigua and Barbuda about the index and then the Secretary General of the United Nations will host a round table with international financial institutions on the second day of the conference.

We believe as the General Assembly in September the index will see an endorsement by all member states so we can start testing it,”

While acknowledging the importance of traditional sources of wealth, Dr. Marinescu encourages SIDS, including Antigua & Barbuda, to explore alternative avenues for economic growth.

“We speak at the United Nations about beyond the GDP agenda we need to explore what other aspect of wealth ever exists. Resources on land or water will form some info later on.”

 She underscores the significance of embracing digital transformation as a means to enhance economic resilience and sustainability.

Against the backdrop of global climate challenges, Dr. Marinescu stresses the critical need for decisive action.

She believes that the comprehensive agenda outlined for the forthcoming SIDS4 conference will yield substantial and enduring benefits for Antigua & Barbuda and other SIDS.

Anticipating the outcomes of initiatives such as the Centre of Excellence, Data Hub, and Innovation & Technology Mechanism, Dr. Marinescu emphasizes their pivotal role in shaping fiscal sustainability, debt management, and climate change adaptation strategies.

She reaffirms UNOPS’ unwavering commitment to supporting implementation efforts.

Reflecting on the agreements signed in St. John’s, Dr. Marinescu foresees their enduring legacy, envisioning them as catalysts for future collaborations and initiatives.

Looking ahead, she underscores the pivotal role of the next decade in averting a climate catastrophe, underscoring the importance of the SIDS4 conference in Antigua as a crucial milestone in this endeavor.