Debt Crisis in SIDS: A Call for Rapid Concerted Action as we look towards SIDS4

Spring Meetings of the World Bank Group & the International Monetary Fund Washington

When and where

17 April 2024, 8:30-10:00 am.

World Bank Group headquarters, Washington DC

Room: MC 13-400 (EDS Lounge)

When it is time, you can join virtually through Webex as well

(Check below for more options to connect through Webex)

Programme and speakers

Access to our concept note, programme, and speakers.

Moderator: Tishka Francis, Head of SIDS Sub-Programme, UN-OHRLLS

8:30-8:50 Welcome and Opening Remarks

H.E. Fatumanava-o-Upolu III, Dr. Pa'olelei Luteru, Permanent Representative of Samoa to the United Nations and Chair of AOSIS
Ms. Rasona Davis-Crump, Financial Secretary of Antigua and Barbuda
Mr. Christopher Sinkler, Alternate Executive Director, Barbados

Keynote Remarks

Mr. E Courtenay Rattray, Chef de Cabinet, Executive Office of the United Nations Secretary-General (EOSG)

8:50-9:00 Scene Setting and Moderator for Panel Discussion:

Ms. Shari Spiegel, Director, FFSD, UN-DESA

9:00-9:10 Interventions by SIDS Representatives:

H.E. Mr. Va’inga Tone, Permanent Representative of Tonga to the United Nations
H.E. Mr. Ali Naseer Mohamed, Permanent Representative of Maldives to the United Nations and Co-Chair of the Bureau of the SIDS4 Preparatory Committee

9:10-9:30 Insights from IFIs and Development Partners:

Ms. Manuela Francisco, Global Director for Macroeconomics, Trade & Investment, World Bank
Mr. Mark Flanagan, Deputy Director, Strategy Policy and Review Department, IMP
Ms. Aine Hearns, Director of Multilateral, UN and IFIs, Ireland

9:30-9:55 Discussions

9:55-10:00 Closing by Moderator:

Ms. Shari Spiegel, Director, FFSD, UN-DESA

Background

Join us for a critical and time sensitive event aimed at tackling the urgent economic and debt crises currently facing Small Island Developing States (SIDS). SIDS have long faced debt sustainability challenges, due to their unique circumstances and vulnerabilities. The recent confluence of global crises and shocks have further exacerbated the situation: over 40% of SIDS are now on the edge of or already grappling with unsustainable levels of debt, creating a vicious cycle of fiscal stress and climate vulnerability. This severely constrains their ability to invest in resilience, climate action and the SDGs, and would severely limit the implementation of their new 10-year framework.

SIDS require particular attention, notably in the context of this year’s Fourth UN Conference on Small Island Developing States that will take place from May 27-30 in Antigua and Barbuda. At the Conference the United Nations Secretary-General, Antonio Guterres will convene a High-level meeting on resource mobilization for SIDS. The meeting will address the high level structural vulnerability and lack of structural resilience that limits concessional financing or mechanisms for effective debt relief. The Secretary-General will lead decisive action toward the creation of new and enhanced financial instruments for sustainable development.

Your active engagement and participation in this event will significantly contribute to addressing the urgent issue of debt vulnerabilities in SIDS, including proposals on immediate and medium-term solutions.