President Dr. Mohamed Muizzu has said that the commencement of practical work on the Debt Sustainability Support Service (DSSS) will open a new chapter of sustainable development, providing solutions to the problems faced by small island developing states like the Maldives. The President said this while speaking as the Co-Chair at a meeting of the Strategic Action Group (SAG), established to coordinate the work of Small Island Developing States (SIDS).
In his speech, the President noted that many SIDS countries are facing or at risk of facing major financial challenges, in addition to the threat of climate change. Therefore, he said that ensuring sustainable debt management and resilient development is a sensitive issue for such countries. Hence, he emphasized the importance of starting DSSS work without delay. In his speech, the President sai In his speech, the President said that solving debt issues is important not only for achieving sustainable development in SIDS but also for overcoming challenges posed by climate change, environmental changes, and pollution. The President also highlighted the importance of finding sustainable solutions in collaboration with multiple parties, given the ongoing global political changes.
The President said that the Maldives proposed a “Debt-relief-for-resilience-building mechanism” to prioritize countries that invest in resilience through debt relief. He said that implementing such a mechanism aims to assess the vulnerable situation of each country and based on that, implement projects that would establish financial self-sufficiency in such countries. The President also said that such a mechanism aims to link debt relief with resilience goals and establish financial capacity to invest in sustainable development. The President said that the practical work of a facility like DSSS would open a new chapter of sustainable development, finding solutions to the problems faced by small island developing states.
In his speech, the President described the upcoming Fourth International Conference on Financing for Development (FFD-4) as a golden opportunity for global acceptance of DSSS. Although many countries have already approved this work, he said that international cooperation and participation are important to strengthen innovative debt mechanisms and concessional finance efforts. Concluding his speech, the President said that sustainable debt management is not just about statistics, but also about protecting lives, livelihoods, and securing the future.
Small Island Developing States (SIDS) is an association consisting of 38 United Nations member states and 20 non-UN members or associate members. The Maldives and Antigua and Barbuda are the co-chairs of the SIDS SAG.
