بســم اللّـه الرّحمـن الرّحيــم


Distinguished Co-Chairs,

We’ve talked about the reform of the financial architecture for many years now.

But when it comes to action, we keep coming up short.

The Sevilla Commitment that we adopted two days ago is the beginning of a new chapter.

This new chapter must not be just ink on paper.

It must be actioned.
It must be delivered.

When the current international financial architecture was established, the world was a different place.

Since then, we have seen groundbreaking achievements in technology, digital infrastructure development and connectivity between and among States.

Since then, over 100 countries have gained independence.

That is 100 countries who did not have a say in the establishment of institutions that have a direct impact on their future.

That is, millions of people who did not have a say in the establishment of mechanisms that affect their daily lives.

Their ability to develop a sustainable, and dignified life.

Their ability to provide a better future for their children.

Small Island Developing States account for one-fifth of these new countries.

The international financial architecture must be reformed.

It must be a pathway for sustainable development, not an obstacle to it.

It must enable progress, not pull us away from it.

It must support innovation and progress, not slow it down.

To that end, the Maldives underscores 3 immediate actions that needs to be taken to reform the international financial architecture.

First – ensure representation.

No decisions on SIDS, without SIDS.

Our voice matters.

Our needs matter.

Our representation matters.

The cost of exclusion is a lack of understanding of our problems, and the solutions.

Which further limits our ability to secure what we need, and the financial institutions’ ability to adapt to ever evolving challenges.

This means reforms in governance structures – updating quotas, reforming voting rights and decision-making rules, boosting participation on boards, and improving institutional transparency.

This means, coordination across the various institutions, informal norm setting groups, the United Nations, and other relevant institutions.

Second, ensure debt sustainability.

Development can only be sustainable with adequate financing.

We should not be forced to choose between servicing debt and development.

This is why we are advocating for a debt relief for resilience building mechanism.

That does not push debt serving down the road, while interests accrue.

That brings about debt relief against a country’s investment in resilience. And doesn’t create new debt.

Third, ensure fair credit ratings.

They do not address climate risk.
Leading to artificially low ratings.
And limiting access to affordable finance.
Which forces us to borrow.
Which leads to even lower ratings.
And the cycle repeats.

We need a change. We need transparency. We need support.

The calls for reforms of the international financial architecture are growing louder by the day.

Strong political will and renewed commitment is the way forward.

I thank you.