Prime Minister Gaston Browne has expressed his enthusiasm for the recent development at the United Nations, where the Multi-Dimensional Vulnerability Index (MVI) has been officially adopted.

This new measuring tool is seen as a significant step forward for countries like Antigua and Barbuda.

Unlike the traditional reliance on Gross National Income (GNI) by international financial institutions such as the World Bank and the International Monetary Fund, the MVI will provide a more comprehensive way to assess eligibility for concessionary loans.

All member states of the United Nations made the decision to adopt the MVI at 6:00 PM on Wednesday, July 10th.

This marks the culmination of nearly three years of dedicated efforts, with Antigua and Barbuda playing a leading role in bringing this pioneering initiative to fruition.

The finalization of the MVI’s adoption took place during the “Silence Procedure” at the UN, during which member states had the opportunity to raise objections. The unanimous silence on the MVI symbolizes the full endorsement of the index by all UN member states.

Prime Minister Browne expressed pride in Antigua and Barbuda’s significant contribution to the development of the MVI.

The index is a long-awaited development tool for vulnerable states, especially small island developing states. It will use a country’s vulnerability and lack of resilience to facilitate access to development funding.

The Prime Minister also hailed the MVI as a valuable strategic planning tool for determining the vulnerability and resilience profiles of developing countries.