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The historic launch of a new plan aimed at alleviating crippling levels of debt and building economic resilience among Small Island Developing States (SIDS) was launched on Day 2 of the SIDS Conference.
President of SIDS Conference 4, Prime Minister, the Hon. Gaston Browne and the President of the Republic of the Maldives, jointly lead the effort, which established the Global SIDS Debt Sustainability Support Service.
The plan was co-designed with the assistance of the International Institute for Environment and Development (IIED), in close consultation with a panel of world leaders and industry representatives,
Prime Minister Browne emphasized that the support service will provide strategic advice on breaking the cycle of debt and options for SIDS to seek new investment opportunities in climate resilient infrastructure.
“Resilient prosperity is crucial within the next decade with the adaptation of ABAS. This launch signifies collective resolve to combat climate change and debt. It will pave the way to provide better lending terms for SIDS. This is really a matter for our survival and our sovereignty”, Prime Minister Browne emphasized.
The service will recognize the social, economic, legal and environmental challenges affecting SIDS, while focusing on four key pillars.
These include: a multi-layered approach to debt, the protection of against future economic threats, fostering climate -resilient infrastructure investment and the provision of expert advisory and legal support.
The latter, will provide SIDS with the capacity to adequately navigate international debt and finance negotiations, otherwise unreachable due to various disadvantages.
Speaking on behalf of the Republic of the Maldives, the country’s Minister of Environment, Climate Change and Energy, Thoriq Ibrahim stated that the plan comes at a crucial juncture for small island nations. He added that the climate crisis and associated external shocks are heavy burdens for SIDS.
He further indicated that the new plan of service is monumental step towards addressing debt challenges.
“The SIDS represent approximately 1% of the world’s population. However these countries are at the forefront of multiple global crises, notably climate change”, he said.
Moving ahead, it is anticipated that the next stage of the plan involves the meeting of SIDS leaders to decide on the best way to establish the service in individual countries.
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