April 24, 2018
Minister of Foreign Affairs Dr Mohamed Asim, speaking for the Alliance of Small Island States (AOSIS), highlighted that most Small Island Developing States (SIDS) do not fit into the traditional development models, and remain trapped in the middle-income trap. The Maldives, is serving its fourth year as Chair of AOSIS.
SIDS are also seeing reversal in development gains due to external shocks, and environmental degradation caused by climate change. And thus, as countries that have structural vulnerabilities, there is a need to revisit the idea of gross income levels as sole indicators of development assistance, stated the Minister.
Minister Asim, welcomed the third ECOSOC Forum on Financing for Development followup, and highlighted several important issues for SIDS, such as high debt burdens, and decline in correspondent banking relationships.
The ECOSOC Forum on Financing for Development is being held from 23-26 April 2018. Minister Asim is taking part in the Ministerial Segment of the Forum.