Minister of Foreign Affairs Abdulla Shahid has urged the implementation of a mechanism to enhance debt relief for countries which have faced disproportionate suffering due to the ongoing Covid-19 pandemic.
These remarks were made in the minister’s keynote address delivered at a World Trade Organization (WTO) High-Level Panel Discussion on Trade, the Environment and Sustainability hosted virtually on Monday.
Revolving around the theme, “A Focus on Green Recovery in a COVID-19 Era”, the virtual meeting was co-hosted by the Permanent Missions of Maldives and Barbados to the United Nations Office in Geneva.
As such, delivering his keynote speech at the event, FM Shahid stressed that the global pandemic has brought the need for support to address the issue of debt into the spotlight.
Between 2009 and 2019, the external debt stock of Small Island Developing States (SIDS) increased from 29.3 trillion to over 50 trillion US Dollars. Although this rapid increase in debt occurred well before the start of the pandemic, it has further disrupted the economies of SIDS and added to the debt burden.”Abdulla Shahid, Minister of Foreign Affairs.
Highlighting that more needs to be done although initiatives such as the Common Framework for debt treatment beyond the debt service suspension initiative are welcome, FM Shahid urged for the establishment of mechanisms to enhance debt relief for the countries excessively affected by Covid-19, which are essential for a sustainable recovery.
The implementation of such mechanisms will be significant to provide an essential push to lead the heavily-struck economies of these countries onto a path of sustainable recovery, said FM Shahid.
Further speaking at the event, the minister shed light on the vulnerabilities of SIDS to the shocks inflicted to the environment and the economy due to the pandemic, noting that many industries that SIDS depend on for income and employment are highly dependent on a “clean”, “healthy” and a “sustainable” environment.
As we slowly enter the recovery and rebuilding phase of the pandemic, we must redouble our efforts to encourage international partners and the private sector to support SIDS to fully exploit their potential for renewable energy, improve energy efficiency and reduce dependence on non-renewable, imported sources of energy.”Abdulla Shahid, Minister of Foreign Affairs.
Further, the Maldivian minister noted that as an approach to sustainable development, island states have been advocating for a blue economy, as SIDS are highly dependent on the waters surrounding them for food, employment as well as wellbeing.
In this regard FM Shahid urged collaboration to address impartiality in access to resources, development and sharing benefits from marine resources, the reinvestment of resources to develop our human capital and alleviating the crippling national debts.
As the Director General rightly stated in her inaugural address, “Trade and environmental protection can be mutually reinforcing, both contributing to sustainable development”. Rising temperatures, natural disasters, the degradation of coastal and marine ecosystems and rising sea levels, all directly and negatively impact the livelihood and future wellbeing of people in island economies and coastal states.”Abdulla Shahid, Minister of Foreign Affairs.
FM Shahid went on to shed light on the incumbent administration’s intention to reach net-zero emissions by 2030, with an intention to lead by example. In this regard the minister noted that it is time to rethink and readjust the current financial procedures for sustainable and resilient projects in order to help the Maldives achieve its ambitions.
Calling for cooperation in establishing trade policies to enable global market access for sustainably-sourced produce that mirrors the true value-added premium in Maldives’ export markets for sustainably caught fish products, FM Shahid urged the communities to rebuild phase to restore the development model.
Just as the pandemic cannot be tamed unless we all work in concert and in solidarity, I believe overcoming its devastating economic impacts also require us to work in unity. Let us work together to make our economies more resilient and to build back better and greener, as we continue our journey to achieve the 2030 agenda for sustainable development.”Abdulla Shahid, Minister of Foreign Affairs.
During the WTO High-Level Panel Discussion on Trade, the Environment and Sustainability, the new Director-General of WTO, Dr. Ngozi Okonjo-Iweala, Deputy Secretary General of UN, Amina J. Mohammed and Executive Director of the International Trade Centre Pamela Coke-Hamilton delivered interventions.
