News

Recovery remains elusive for SIDS

September 18, 2021 11:07 am

Small Island Development States need an intentional international effort that corrects the years of development progress the pandemic has stolen from us.

These were the words of Prime Minister Voreqe Bainimarama when speaking at the virtual conference of the Commonwealth Foreign Affairs Minister’s Meeting.

Bainimarama highlighted this pandemic has an end date for the developed world, but for developing nations, he says this recovery remains elusive.

Article continues after advertisement

Bainimarama adds inherent vulnerabilities, have left SIDS Governments to keep economies afloat with whatever financial tools they can find or acquire, and printing money is not an option.

“Debts are rising. Development progress is stalled. And nations are limping into the new normal, scarred by massive, COVID-driven losses in revenue.”

Bainimarama says only a sustainable and inclusive recovery can bridge these alternate realities and Fiji’s experience shows that access to vaccines is a smart start.

India, Australia and New Zealand have helped Fiji secure enough vaccines for every adult.

Bainimarama says SIDS need the membership of the Commonwealth’s full backing of new and innovative financial tools that can urgently fund long-term resilience where it is needed most.

“We cannot mount that recovery with the present array of financial tools at our disposal, nor can we build a resilient world by viewing development only through an antiquated lens of debt sustainability that outdated framework was never built for a warming world.”

The Prime Minister says they support an open and inclusive multilateral trading system that resists pandemic protectionism and ensures that all countries, including SIDS, have full access to trade, including tourism.