President Dr Mohamed Muizzu has expressed strong confidence in the Debt Sustainability Support Service (DSSS) as a vital tool to address the climate financing challenges faced by Small Island Developing States (SIDS), such as the Maldives. His remarks were made during his opening address as Co-Chair of the Strategic Advisory Group of the SIDS.
In his speech, President Dr Muizzu emphasized that the operationalisation of the DSSS would mark the beginning of a new era of sustainable development for SIDS. He pointed out that a significant portion of SIDS is already grappling with, or on the verge of, debt distress, while simultaneously facing urgent climate financing needs. Achieving debt sustainability, he argued, is crucial to realizing the development goals set out in the Antigua and Barbuda Agenda for SIDS (ABAS).
Highlighting the urgency of addressing these interconnected challenges, the President called for the immediate operationalisation of the DSSS. He stressed that resolving debt issues is essential not only for achieving sustainable development but also for tackling climate change, environmental degradation, and pollution, which pose existential threats to these island nations.
President Dr Muizzu also discussed the evolving geopolitical dynamics, which underscore the need for multilateral, multi-stakeholder solutions to development challenges. In this context, he presented the Maldives' proposal for a debt-relief-for-resilience-building mechanism, aimed at offering debt relief to countries investing in resilience. This approach, according to the President, would create fiscal space for sustainable development by linking debt relief to specific resilience-building milestones.
Furthermore, the President advocated for a country-led approach that takes into account the unique circumstances of each nation. He emphasized that the DSSS could play a critical role in this process, providing tailored solutions to countries facing severe debt pressures while encouraging resilience-building investments.
In his closing remarks, President Dr Muizzu described the upcoming Fourth International Conference on Financing for Development (FfD4) as a "golden opportunity" to promote global recognition of the DSSS. He urged the international community to cooperate and engage in scaling up innovative debt mechanisms and concessional finance to support SIDS' sustainable development goals.
The President concluded by stressing that debt sustainability is not just a financial issue, but one that directly impacts lives, livelihoods, and the future of small island nations.
SIDS are a group of 38 United Nations (UN) Member States and 20 Non-UN Members or Associate Members of UN regional commissions, with the Maldives co-chairing the Strategic Advisory Group alongside Antigua and Barbuda.
In his speech, President Dr Muizzu emphasized that the operationalisation of the DSSS would mark the beginning of a new era of sustainable development for SIDS. He pointed out that a significant portion of SIDS is already grappling with, or on the verge of, debt distress, while simultaneously facing urgent climate financing needs. Achieving debt sustainability, he argued, is crucial to realizing the development goals set out in the Antigua and Barbuda Agenda for SIDS (ABAS).
Highlighting the urgency of addressing these interconnected challenges, the President called for the immediate operationalisation of the DSSS. He stressed that resolving debt issues is essential not only for achieving sustainable development but also for tackling climate change, environmental degradation, and pollution, which pose existential threats to these island nations.
President Dr Muizzu also discussed the evolving geopolitical dynamics, which underscore the need for multilateral, multi-stakeholder solutions to development challenges. In this context, he presented the Maldives' proposal for a debt-relief-for-resilience-building mechanism, aimed at offering debt relief to countries investing in resilience. This approach, according to the President, would create fiscal space for sustainable development by linking debt relief to specific resilience-building milestones.
Furthermore, the President advocated for a country-led approach that takes into account the unique circumstances of each nation. He emphasized that the DSSS could play a critical role in this process, providing tailored solutions to countries facing severe debt pressures while encouraging resilience-building investments.
In his closing remarks, President Dr Muizzu described the upcoming Fourth International Conference on Financing for Development (FfD4) as a "golden opportunity" to promote global recognition of the DSSS. He urged the international community to cooperate and engage in scaling up innovative debt mechanisms and concessional finance to support SIDS' sustainable development goals.
The President concluded by stressing that debt sustainability is not just a financial issue, but one that directly impacts lives, livelihoods, and the future of small island nations.
SIDS are a group of 38 United Nations (UN) Member States and 20 Non-UN Members or Associate Members of UN regional commissions, with the Maldives co-chairing the Strategic Advisory Group alongside Antigua and Barbuda.
