ST JOHN’S, Antigua, CMC—Prime Minister Gaston Browne has welcomed the information that the United Nations has agreed to undertake the Multi-dimensional Vulnerability Index (MVI), a brand new measuring device to raised serve international locations resembling Antigua and Barbuda.
Worldwide monetary establishments such because the World Financial institution and the Worldwide Financial Fund (IMF) usually rely solely on Gross Nationwide Earnings (GNI) to find out eligibility for entry to concessionary loans.
Late Wednesday, UN member states agreed to undertake and use an MVI following an exhaustive course of of ultimate deliberations over the previous few days and practically three years of labor led by Antigua and Barbuda to make the initiative a actuality.
The ultimate doc emerged late Wednesday from a important UN course of referred to as the “Silence Process.” Member states can elevate objections or dispute positions from the ultimate negotiated textual content throughout this process. Silence on the MVI was unopposed, sig—unifying full and unanimous endorsement by all UN member states.
“We’re comfortable to have contributed considerably to the event of the MVI, which was first requested over 30 years in the past as a big improvement device for weak states. It is a welcomed achievement for weak small island creating states specifically, which is able to now have a brand new device using the nation’s vulnerability and lack of resilience to help them in accessing funding for improvement,” the prime minister stated.
He described the MVI as a robust strategic planning device for figuring out creating international locations’ vulnerability and resilience profiles.
“I take the chance to commend my co-chair, Erna Solberg, former Prime Minister of Norway, and the opposite members of the UN knowledgeable panel that presided over the event of the MVI index, which is able to complement the GNI per capita index in figuring out a rustic’s eligibility for concessional funding.
“I additionally wish to thank Ambassador Dr. Aubrey Webson and our Deputy Everlasting Consultant, Tumasie Blair, and all others who contributed to the event of the MVI,” he famous.
Browne stated Antigua and Barbuda appears to be like ahead to its formal adoption in September and its extensive use amongst worldwide monetary establishments, multilateral banks, and funding international locations.
This historic initiative marks a milestone for Small Island Growing States (SIDS), who’ve lengthy championed an MVI for over thirty years.
SIDS fought tirelessly for an MVI to amass essential improvement assist, together with concessionary financing, because of conventional technique of measuring financial wants that fail to contemplate their distinctive vulnerabilities.
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