Antigua and Barbuda’s Prime Minister the Hon. Gaston Browne continues to play a leading role in piloting bold and comprehensive initiatives that would allow Small Island Developing States, SIDS to achieve debt sustainability.
With championing the Antigua and Barbuda Agenda for SIDS his focus, Prime Minister Browne quickly settled into one of the major matters on a full itinerary that will be making his attendance at the 79th session of the United Nations General Assembly one of his busiest in years. On Saturday, shortly after arriving in New York, he led discussions with a packed conference room of leading financial experts and policy makers on the establishment of the SIDS Debt Sustainability Support Service (DSSS) during a frank and open dialogue at the United Nations.
As a result of the worsening impacts of climate change, small island developing states have been thrown into a cycle of unending debt as they grapple to rebuild their economies each time a disaster, such as a hurricane, strikes. According to Prime Minister Browne, their contribution however, to global greenhouse gas emissions, scientifically proven to be the main cause of the environmental crisis, is negligible at best.
According to official data sources, “More than 40% of SIDS are nearing or already in debt distress, and an alarming 70% surpass the debt-to-GDP sustainability threshold of 40%. Six SIDS have debt to-GDP ratios exceeding 100%.”
The DSSS is seeking to reverse these alarming trends by introducing a comprehensive strategy that can help SIDS respond to current and future economic and climate challenges. As he successfully championed the efforts towards the UN adopting the Multidimensional Vulnerability Index, (MVI) Prime Minister Browne is the Co-Chair of the Strategic Advisory Group (SAG), which has been mandated to undertake the design and operationalization of the DSSS. Joining him as co-chair is the President of the Maldives Mohamed Muizzo. The SAG, is a coalition of diverse stakeholders including representatives from the International Financial Institutions, the Multilateral Development Banks, economists, financiers, scientists, legal experts and representatives from the private sector and civil society.
During his presentation, Prime Minister Browne declared that it must be stressed that the debt crisis facing SIDS is externally driven and not of their own doing. He pointed out however, that the financial system remains hard-pressed to show any sympathy to the needs of small states.
“I strongly feel we now have to raise the ante and fight this issue with some level of urgency and stridency. That is why within the ABAS, we established a Debt Support Services Initiative so that we can focus on this particular issue,” Prime Minister Browne stated.
“We all know the international financial architecture is unfit, obviously developed for a world that no longer exists today. And it will become even more unfit for a future world. So, what we are doing here will not only help SIDS today but also future generations in achieving debt sustainability,” the Prime Minister stated in a frank take on the importance of the crucial meeting.
The outcome of the effort being led by the Strategic Advisory Group will be presented to Heads of State and Governments at the fourth Conference on Finance for Development next year.
Joining Prime Minister Browne at Saturday’s meeting were Antigua and Barbuda’s Permanent Representative to the United Nations Ambassador Walton Webson who delivered summary closing remarks and provided details on the next step of the debt initiative. Antigua and Barbuda’s Deputy Permanent Representative, Mr. Tumasie Blair, moderated the event. Also in attendance were mission representatives, including First Secretaries, Claxton Duberry and Asha Challenger. (Ends)
Digital photos compliments Antigua and Barbuda Mission to the UN.
Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]
