Wednesday, 19 October 2016 00:55
19 October 2016, New York: Addressing the Economic and Financial (Second) Committee of the United Nations under the theme "Macroeconomic Questions and Follow up to Financing for Development", His Excellency Mr. Ahmed Sareer, Permanent Representative of the Republic of Maldives to the UN, stressed the importance of a stable, equitable and transparent global financial system for the implementation of the Addis Agenda.
H.E Mr Sareer noted that the Addis Ababa Action Agenda reaffirmed the special case of small island developing states and stressed that poverty eradication cannot take place without first addressing climate change. He welcomed the launch of the ECOSOC Forum on FFD Follow-up, noting that, "pledges will amount to nothing without proper review and follow up mechanisms" and stressed the importance of review of macroeconomic questions, both within the FFD Forum, as well as through the work of the second committee under the General Assembly.
Observing that Maldives is an MDG success story, Ambassador Sareer noted that the global economic downturn has severely affected his own country. Since the crisis, tourism revenues have sharply declined, thus affecting the Maldives' most profitable industry. Additionally, he also noted that climate change and ocean acidification has affected already vulnerable marine resources, thus decreasing fish stocks and threatening fishing industries. Finally, he stressed the problems related to debt management in small-island developing states, which are currently at unsustainable levels, hurting growth and risking private sector investments. Ambassador Sareer urged the international community to "examine options for an effective, equitable, and development friendly debt restructuring and international debt resolution mechanism".
Invest Maldives, the government agency entrusted with promoting, licensing and registering foreign investments in the country, is the first port of call for all foreigners keen to invest in the Maldives.