40% of SIDS facing debt distress, exceeding to GDP ratios: PM Gaston Browne

As the 40% of Small Island Developing States are facing debt distress and many exceeding sustainable debt-to-GDP ratios, the Prime Minister of Antigua and Barbuda, Gaston Browne took a charge in advocating for debt sustainability solutions. This initiative has been undertaken by him during the 79th session of the United Nations General Assembly in New York.

Notably, PM Gaston Browne left on Friday for New York where he is attending the 79th Session of the United Nations General Assembly under the theme “Leaving no one behind; acting together for the advancement of peace, sustainable development and human dignity for the present and future generations.”

During his visit to New York, the Prime Minister commenced a Forum under the theme Building Resilient Futures: The SIDS Debt Sustainability Support Service. It was conducted along with the leaders of the Maldives, New Zealand and the United Nations Department of Economic and Social Affairs.

He led discussions on the creation of the SIDS Debt Sustainability Support Service. It is aimed at helping SIDS address the economic and environmental challenges they face, particularly those exacerbated by climate change.

PM Browne emphasized that SIDS are disproportionately impacted by climate-related disasters such as hurricanes, which force them into repeated cycles of debt.

As Co-Chair of the Strategic Advisory Group (SAG), PM Gaston Browne leads a coalition of experts from various fields alongside the President of Maldives, Mohamed Muizz to operationalize the DSSS. This initiative is expected to address all the challenges being faced by SIDS by offering them a more equitable financial framework.

Moreover, the outcomes of the Debt Sustainability Support Service will be presented at next year’s fourth Conference on Finance for Development. The authorities are aiming to offer potential solutions for securing sustainable futures for these nations.

Prime Minister Gaston Browne is currently in New York and will also participate in an interactive dialogue as part of the Opening of the Summit of the Future. The Summit of the Future, convened by the UN Secretary General, will play a huge role in bringing together representatives from UN Member States, civil society, private sector, academia, local and regional authorities, youth, and many more.

Also, in the coming days, the Prime Minister Gaston Browne will also hold bilateral and attend several meetings aiming to tackle challenges being faced by Small Island Developing States.