Debt Crisis in Small States: Browne Calls for Financial Justice at UNGA
Prime Minister Gaston Browne of Antigua and Barbuda has urged the United Nations to address what he called the “injustice” of the international financial system, which he said punishes small states like his own with crippling debt.
“We are shackled by debt we did not cause,” Browne told the UN General Assembly, referring to the burden placed on Small Island Developing States (SIDS) due to climate-related disasters.
Browne advocated for the reform of the international financial architecture, proposing mechanisms like the SIDS Debt Sustainability Support Service to provide relief for states recovering from recurring disasters. He stressed that this is not charity but financial inclusion and justice.
“The time has come to lift the burdens that keep us bound to the past and unable to invest in our future,” Browne said, calling on international financial institutions to integrate mechanisms like debt-for-climate swaps and carbon pricing.
Browne’s call for reform is part of a broader push by SIDS to reshape global financial policies in favor of more vulnerable nations.
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