His Excellency Vice President Uz Hussain Mohamed Latheef on Thursday underscored the urgent need for structural reform of the international financial system during Multi-Stakeholder Roundtable 6: ‘Reforming the International Financial Architecture and Addressing Systemic Issues’ at the Fourth International Conference on Financing for Development (FfD4).
Delivering the keynote address, the Vice President outlined three immediate actions required to reform the global financial architecture. He urged fellow co-chairs to ensure the representation of Small Island Developing States (SIDS) through reforms in governance structures; specifically by updating quotas, reforming voting rights and decision-making rules, increasing board participation, and enhancing transparency and coordination among financial institutions.
The Vice President also emphasised the importance of ensuring debt sustainability through adequate financing. He detailed the Maldives’ call for a ‘debt relief for resilience building’ mechanism that does not incur additional debt, and stressed the need for increased transparency, greater international support, and the establishment of fair credit ratings for SIDS.
The Vice President is currently in Spain to attend the FfD4, taking place in Seville from June 30 to July 3, 2025.
