"President Muizzu Urges Global Action on Debt Relief and Economic Diversification for Small Island Nations at UNGA 79"
President Dr. Mohamed Muizzu at the 79th session of the United Nations General Assembly (UNGA)
21 September 2024 - 16:52
President Dr. Mohamed Muizzu of the Maldives addressed the 79th session of the United Nations General Assembly (UNGA) in New York. His speech centered on the vulnerabilities faced by Small Island Developing States (SIDS) like the Maldives, especially in terms of economic reliance on tourism and fisheries. Highlighting the sharp economic decline during the COVID-19 pandemic, President Muizzu called for urgent economic diversification and debt relief for SIDS to reduce their susceptibility to external shocks.
President Muizzu emphasized the necessity of aligning climate adaptation finance with debt relief, stressing that external debt often outweighs national revenues, keeping countries like the Maldives in a cycle of fiscal stress. He proposed leveraging tools such as blue and green bonds, concessional financing, and strategic use of Special Drawing Rights (SDRs) to support debt sustainability and enhance liquidity. His call for strengthened international partnerships was paired with a strong message advocating for local ownership of development strategies, urging SIDS to rebuild robust institutions and promote homegrown solutions to achieve self-sustained development.
He also attended the "Summit of the Future," co-chaired key dialogues on global security, and engaged in bilateral discussions aimed at enhancing the Maldives' international ties. His historic participation in a UN Security Council debate marked a milestone for the Maldives on the international stage