Thursday, 16 July 2015

Maldives calls on the international community to address the key financing challenges faced by Small Island Developing States

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16 July 2015, Addis Ababa; Speaking at the Third International Conference on Financing for Development, His Excellency Mr Mohamed Jaleel, Senior Advisor to the Minister of Finance and Treasury highlighted that for our ambitious declarations to be realized and to yield benefits, commensurating means of implementation must be ensured.

Also speaking on behalf of the Alliance of Small Island States (AOSIS), which the Maldives currently chairs, Mr Jaleel alluded to the challenges faced by SIDS due to their small economies often oriented around single industries, small size and limited capacity to mobilise domestic resources, challenges faced due to high dispersion, isolation and limited natural resources, and the ensuing high cost to deliver essential services. Further, he also noted that adverse impacts of climate change and natural disasters on SIDS.

While SIDS continue to require high levels of finance for their sustained economic growth, they receive little ODA, and are often not eligible for concessionary financing, face high debt burdens, and have high risk ratings which expose them to very high cost of borrowing. And though SIDS are recognized as being on the frontlines to the impacts of climate change, access to climate financing is limited due to limited capacity, complex rules of compliance, application procedures, a donor bias towards mitigation and unfulfilled commitments.

This is why, Mr Jaleel stated, that SIDS have invited all stakeholders to partner with them in SIDS specific, genuine, and durable partnerships that are based on mutual respect and benefits, to achieve the sustainable development goals.

The Third International Conference on Financing for Development is taking place ahead of the historic Summit to adopt the Post-2015 Development Agenda, which includes the Sustainable Development Goals that will follow the Millennium Development Goals. During the conference the Maldives delegation spoke at the Round Table discussion on Global Partnership and the three dimensions of sustainable development, and attended side events on the financing challenges faced by SIDS, climate change, disaster resilient investments for Sustainable Development and special challenges faced by Middle Income Countries.

His Excellency Mr Mohamed Jaleel is accompanied by Mr. Jeffrey Salim Waheed, Deputy Permanent Representative of Maldives to UN, Ms. Mariyam Midhfa Naeem, Counsellor at the Maldives Mission to UN and Ms. Aishath Fareena, Desk Officer at the Ministry of Foreign Affairs.

The Ministry of Foreign Affairs

Republic of the Maldives

Website: www.foreign.gov.mv

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