{"id":204607,"date":"2024-06-15T10:07:23","date_gmt":"2024-06-15T14:07:23","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=204607"},"modified":"2024-06-15T10:07:24","modified_gmt":"2024-06-15T14:07:24","slug":"antigua-and-barbuda-agenda-for-sids-seeks-global-partnership-to-tackle-public-debt-for-sustainable-island-futures","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/antigua-and-barbuda-agenda-for-sids-seeks-global-partnership-to-tackle-public-debt-for-sustainable-island-futures\/","title":{"rendered":"Antigua and Barbuda Agenda for SIDS seeks global partnership\u00a0to tackle\u00a0public debt for sustainable island futures \u00a0"},"content":{"rendered":"
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(ECA) – The Antigua and Barbuda Agenda for SIDS (ABAS) \u2013\u00a0a Renewed Declaration for Resilient Prosperity\u00a0<\/em>released at the\u00a027-30th<\/sup>\u00a0May 4th\u00a0International Conference of the Small Island Developing States (SIDS4) calls for increased effectiveness of development finance.<\/p>

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This is to be achieved through the establishment of a dedicated SIDS Debt Sustainability Support Service. <\/p>\n\n\n\n

The service aims to enable sound debt management and devise effective solutions for SIDS in relation to immediate-term debt vulnerability and long-term debt sustainability.<\/p>

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The Economic Commission for Africa (ECA)\u00a0is assisting developing countries, including SIDS member States through the Sustainable Debt Coalition (SDC) initiative\u00a0to\u00a0enhance their capacities for the sustainable management of public debt. Strategies include Credit Enhancement for Climate Finance and a platform for Global Debt Architecture Reform. <\/p>

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Progress under the SDC has facilitated improved access to low-cost climate finance\u00a0through mechanisms such as blended finance, credit enhancement, and debt swaps.<\/p>\n\n\n\n

During a dialogue on\u00a0Leveraging Partnerships for Climate Resilience and Sustainable Finance\u00a0<\/em>held for the\u00a0Atlantic, Indian Ocean, and South China Sea (AIS)\u00a0countries at the SIDS4 Conference,\u00a0the SDC chair and Deputy Minister of Finance and Economic Affairs of Egypt, Sherine El Sharkawy, emphasized the importance of debt sustainability and climate resilience for SIDS. <\/p>

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She noted that limited access to finance severely constrains their ability to invest in resilience, climate, and sustainable development.<\/p>\n\n\n\n

\u201cOver 80% of developing countries, including SIDS, are already forced to spend more on interest than they do on climate action,\u201d she stated. She added that the SDC\u2019s practical role in addressing these challenges is \u201cto assist developing countries in attaining long-term debt sustainability while realizing climate-related goals.\u201d She expressed the SDC\u2019s availability to continue supporting SIDS and encouraged them to actively participate in the Coalition. She also invited them to join the next high-level meeting hosted by Egypt later this year.<\/p>

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The AIS Dialogue was co-organized by Seychelles as chair of the African Island States Climate Commission (AISCC), alongside the other African Island States, ECA, Indian Ocean Commission (IOC), and various partners. <\/p>

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It included two segments: a high-level and a technical one. During the event, key solutions to the main challenges for SIDS outlined in the ABAS were discussed. This comprises the SDC and other ECA flagship programs, such as the Great Blue Wall Initiative and the RESIslands Initiative. Besides, the UN Resident Coordinator Offices (RCO) study on Financing Climate Change Adaptation and Mitigation in African SIDS, the Joint SDG Fund actions to support SIDS, and the role of universities and research in supporting the SIDS agenda were exposed.<\/p>\n\n\n\n

For their part, AIS Island States highlighted the need to unify their voices to tackle financing challenges and debt burdens. The SDC plays a key role in enabling affordable financing for members of the Coalition.<\/p>\n\n\n\n

\u00a0Launched during the UNFCCC COP 27 in Egypt, the SDC addresses the intertwined threats of debt and climate change. These pose significant risks to the economic, social, and environmental resilience of SIDS. T<\/p>\n\n\n\n

he SDC provides a space for SIDS to join arms with other developing countries on equal footing. It demands substantial change on topics of global debt reform and begin implementing practical solutions. Following SIDS4, the SDC welcomes all new and prospective member States to collaboratively advance these intertwined priorities.<\/p>\n

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(ECA) – The Antigua and Barbuda Agenda for SIDS (ABAS) \u2013\u00a0a Renewed Declaration for Resilient Prosperity\u00a0released at the\u00a027-30th\u00a0May 4th\u00a0International Conference of the Small Island Developing States (SIDS4) calls for increased effectiveness of development finance. This is to be achieved through the establishment of a dedicated SIDS Debt Sustainability Support Service. The service aims to enable […]<\/p>\n","protected":false},"author":3,"featured_media":204608,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-204607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nAntigua and Barbuda Agenda for SIDS seeks global partnership\u00a0to tackle\u00a0public debt for sustainable island futures \u00a0 - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/antigua-and-barbuda-agenda-for-sids-seeks-global-partnership-to-tackle-public-debt-for-sustainable-island-futures\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antigua and Barbuda Agenda for SIDS seeks global partnership\u00a0to tackle\u00a0public debt for sustainable island futures \u00a0\" \/>\n<meta property=\"og:description\" content=\"(ECA) – The Antigua and Barbuda Agenda for SIDS (ABAS) \u2013\u00a0a Renewed Declaration for Resilient Prosperity\u00a0released at the\u00a027-30th\u00a0May 4th\u00a0International Conference of the Small Island Developing States (SIDS4) calls for increased effectiveness of development finance. 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