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Antigua and Barbuda spearheads drive for overhaul of global financial architecture
Antigua and Barbuda has been leading the charge in advocating for reform of the international financial architecture, taking advantage of meetings at the United Nations that are preparing for one the most crucial gatherings of financial experts, government leaders and development partners across the globe.
The meeting will take place in Seville Spain from 30 June – 3 July and is known as the 4th International Conference on Finance for Development (FFD4).
It will seek to meaningfully address some of the world’s most urgent and pressing financial challenges, many of them being faced by small and developing economies like Antigua and Barbuda.
The Antigua and Barbuda Mission at the United Nations sees this as yet another valuable opportunity to influence the global financial system in introducing crucial reforms so that it can better serve the unique circumstances being faced by Small Island Developing States.
This is not an unfamiliar role for Antigua and Barbuda as its leadership on issues of climate change and sustainable development has been well received and widely respected.
Over the past few days, the experts at the Mission led by its Permanent Representative, Ambassador Walton Webson, have participated in a flurry of meetings and took the lead on side events aimed at making sure the FFD4 Conference delivers on tangible solutions in creating a more equitable financial system.
Joining the Mission team was Antigua and Barbuda’s Debt Manager in the Ministry of Finance and Corporate Governance, Peter Abraham Jr.
Antigua and Barbuda has already played a significant role in crafting the Multidimensional Vulnerability Index (MVI), which was adopted by the United Nations last August, and the Debt Sustainability Support Services (DSSS), which is now reflected in the zero draft outcome document of the conference, found here: https://financing.desa.un.org/document/ffd4-outcome-document-zero-draft.
The document also reaffirms the commitment and full support for the implementation of the Antigua and Barbuda Agenda for SIDS (ABAS), the ten year framework programme coming out of last year’s SIDS4 Conference.
“The establishment of the DSSS is critical in breaking this cycle (of debt). It is important within the text that we fully outline the types of support required for the implementation of the DSSS and ensure a robust institutional home is identified,” Deputy Permanent Representative Tumasie Blair told the Preparatory Committee meeting for the Conference.
Meantime, at a separate side event on the MVI, Ambassador Webson stressed that the MVI, as a complementary tool, is now available for International Financial Institutions (IFI) to adopt in their work of assessing the real needs of developing countries.
He commended the work of the World Bank and the OECD in integrating the concept of vulnerability into their work, urging other IFIs to do the same.
“As we look ahead to FfD4, it is imperative that vulnerability and the MVI feature prominently in the outcome document.
This conference presents a critical opportunity to align global financial strategies with our collective commitment to leave no one behind.
By prioritizing,” Ambassador Webson stated. D
uring this week’s preparatory meetings, the Antigua and Barbuda Mission also featured prominently in discussions on the recently launched Development Bank for Resilient Prosperity and another side event on Tackling the Climate-Debt-Food Security Nexus in Fragile and Conflict Affected States.
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The current system favors big economies, so it’s good to push for a more balanced approach.
Small nations need a fairer system please!
will these efforts lead to real change, or just more discussions
[…] Antigua and Barbuda spearheads drive for overhaul of global financial architecture […]
Lets be real.
Alise Stefanik the new United States Representative to the UN and Donald Trump and Elan Musk his co-president in charge.
Who are you attempting to fool with this press release? You may be better off going about your jobs quietly