The Maldives on behalf of the Alliance of Small Island States (AOSIS)
at the First Working Session of the Ad Hoc Committee on Sovereign Debt Restructuring Process
3 February 2015
I have the honour to speak on behalf of the Alliance of Small Island States (AOSIS). We align ourselves with the statement delivered by the distinguished Permanent Representative of South Africa, on behalf of the Group of 77 and China.
At the outset, congratulations to you and the other Members of the Bureau on your election to the Ad Hoc Committee on Sovereign Debt Restructuring Process.
We welcome the convening of the Ad Hoc Committee, and hope that it will lead to an outcome that takes into account the particular vulnerabilities of small economies such as those of SIDS.
For developing economies, debt restructuring is crucial to ensure that sovereign debt is managed at sustainable levels to avoid crisis, and to ensure a credible and durable exit from crisis.
Debt sustainability remains an issue of concern for SIDS, as it is integral to achieve resilient societies and economies, to ensure that development gains are continued and assured. It is important that debt sustainability is addressed systematically, especially to ensure smooth transition of those SIDS that have recently graduated from least developed country status. In this regard, we support consideration of traditional and innovative approaches to promote the debt sustainability of highly indebted SIDS.