Prime Minister of Antigua and Barbuda,
Honourable Gaston Browne,
Under Secretary-General for Economic and Social Affairs, Mr Li Junhua,
Under Secretary-General, and High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States, Ms Rabab Fatima,
Excellencies, ladies and gentlemen,
It is an honour and a pleasure to be here today, on behalf of the President of the Maldives, and co-chair of the Strategic Advisory Group of the SIDS Debt Sustainability Support Service, His Excellency Dr. Mohammed Muizzu, and share heartfelt best wishes and a warm welcome to you all.
The years 2014 and 2015 are milestone years in world history. Our leaders adopted ambitious global agreements that have guided our development paths for the last decade.
In New York, we adopted the 2030 Agenda for Sustainable Development. The framework that guides the sustainable development efforts of all countries.
In Addis, we adopted the Addis Ababa Action Agenda. The guide on financing for development for the past decade.
This week, here in Seville, we are adopting the Compromiso de Seville – a renewed commitment on financing for development; designed to meet the changing needs of developing countries.
For many developing countries, and in particularly for most Small Island Developing States, the biggest barrier to achieving sustainable development is debt.
This debt is not the result of mismanagement. But rather, the result of a systemic failure of the international financial architecture.
Reforming the international financial architecture must begin with SIDS.
SIDS need fiscal space to invest in their development.
They need access to concessional finance.
Most importantly, they need a path from unsustainable debt to a more sustainable, and manageable debt portfolio.
The Maldives believes is where the SIDS Debt Sustainability Support Service can play a crucial role.
It can offer solutions that reflects the needs of SIDS, serve as a hub for knowledge and best practice, and support innovative, homegrown efforts—like the ‘debt relief for resilience-building’ mechanism championed by the Maldives.”
This mechanism rewards countries for their investment in resilience building, by providing debt relief in the form of concessions on interest rates, and debt service repayments. It provides countries with the space and time to invest in themselves. To build their capacities. To strengthen their institutions.
Most importantly it does not create new debt.
SIDS have long been leaders in bringing about meaningful reform and addressing key global issues.
They are the best testing grounds to perfect innovation. But they need support from the global community.
This is why it is crucial that the SIDS Debt Sustainability Support Service is put into operation at the earliest. Once it is operational, we are confident that we will see its benefits, not only to small island developing States, but all developing countries.
Prime Minister Browne has been a strong supporter in this effort to create and bring the SIDS Debt Sustainability Support Service, into operation. His leadership and determination have ensured that the DSSS is included in the Compromiso, a landmark achievement by SIDS, for SIDS.
On behalf of President Muizzu, I thank and commend you, Mr Prime Minister, for your dedication and leadership, and reassure you that the Maldives will remain by your side, closely together, as we walk towards achieving prosperity.
Fortune favors the bold. It is only by making bold, decisive decisions, at the right time, that we will be able to make meaningful impacts.
The time to make those decisions; to reform the international financial architecture, to put the debt sustainability support service into operation; the time for innovative solutions, is now.
I thank you.