Excellencies, ladies, and gentlemen,
In the decade since SIDS3 in Samoa, the world has changed, quite radically.
SIDS are faced with seemingly overwhelming challenges.
Challenges from external shocks, impacts of climate change and disasters.
Challenges from inadequate financing.
And challenges from unsustainable debt.
Yet many SIDS have shown an incredible ability to weather these challenges, and even become prosperous.
COVID-19 pandemic was one such stark reminder of how vulnerable SIDS economies are to external shocks.
It tested our resilience and showed our extraordinary determination.
The pandemic proved that over-reliance on singular industry meant that, overnight, many SIDS became “no-income” countries.
The clearest example was the Maldives. Our economy was the hardest hit in the world, in terms of revenue loss and the decline in GDP.
Almost four years since, we are only just reaching pre-pandemic levels of economic activity.
For SIDS, our people desire not only to recover, but also prosper through accelerated and sustainable growth.
They want to see SIDS transition to middle-income status and develop even further.
One factor common to almost all SIDS is the need to build and leverage productive capacity, including state capacity. It is the absence of these capacities that prevents us from unlocking our full potential.
From creating and seizing new opportunities, whether it is about attracting new investors, or collecting taxes and mobilising resources.
And indeed, from minimising the impacts of external shocks.
When it comes to building human capital, policymakers and local actors need to better understand and address the challenges we are facing.
SIDS need to build capacity on partnerships, on advocacy, and on strategic planning.
In the case of the Maldives, a trained, educated and dedicated Maldivian workforce has made us a world-renowned brand name in sustainable tourism.
Our experience in capacity building in the Early Warning Systems for All is improving our preparedness for disasters.
We have made economic and social gains by promoting entrepreneurship, gender equality, and empowering marginalized groups.
However, all of this requires finance.
Access to affordable financing for development has become the most challenging task.
In the past decade, we have seen many grand promises.
Despite the significant global commitments from the various COPs, the Paris Agreement, the 2030 Agenda, and many international processes, very little has materialised.
For SIDS to be able to achieve the SDGs, access to affordable finance is a question of justice.
SIDS also need the support of our partners and the private sector, to deploy innovative financing mechanisms. This includes blue and green bonds, debt-for-nature swaps, and concessional financing based on various indices, including the multidimensional vulnerability index.
Financial support must be tailored to the needs of SIDS.
“Small-ness” is the inherent vulnerability that make SIDS a special case for sustainable development.
This special case requires more than sympathy.
This is why it is extremely important to ensure that any, and all efforts towards revitalizing SIDS economies must be geared towards holistic development.
Development that addresses the socio-economic, environmental, and cultural challenges faced by SIDS.
This requires a concerted effort by all – SIDS, the international community, and the private sector.
Genuine partnerships, based on mutual trust and respect, that will generate the momentum to power SIDS towards a more inclusive, more resilient, and more prosperous future.
I thank you.