Prime Minister Drew Strongly Calls On IFIs To Consider Use Of MVI
(St Kitts and Nevis Information Service Press Release) – Prime Minister of St. Kitts and Nevis, the Honourable Dr. Terrance Drew, while addressing the opening ceremony of the Forty-Fourth Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM), called on international financial institutions to give greater consideration to using the Multidimensional Vulnerability Index (MVI) that takes into consideration the unique characteristics and climate vulnerabilities of small island developing states when they want to access concessionary funding.
Prime Minister Dr. Drew said CARICOM strongly believes that the Multi-dimensional Vulnerability Index is a more holistic metric for addressing the complex issues in the region.
“The MVI Matrix is more closely aligned with the ever-present dangers we face on an annual basis, having to endure the ravages of natural disasters, including hurricanes, drought, volcanic eruptions, and rising sea levels. Assessing our high GDP does not adequately consider our vulnerability to economic and climate-related shocks. The global development agenda demands the pursuit of a holistic approach to addressing vulnerability, and the provision of solutions that are consultative, effective, and sustainable,” he said while delivering his maiden address at the high-level regional meeting which is being held in The Commonwealth of the Bahamas from 15th -17th February, 2023.
“The time has come for international financial institutions to take positive action to address the realities we face and enable us not only to recover from national disasters but adapt to the existential threat of climate change by building stronger, more resilient communities to benefit the lives of our people,” Prime Minister Dr. Drew added.
Prime Minister Dr. Drew said that the Caribbean Community faces myriad challenges including vulnerability to external economic shocks, heavy dependence on a few products or services, frequent and more intense natural disasters, and high costs associated with debt and climate change adaptation and mitigation, among others.
“These overlapping challenges are cross-cutting in their effect. They impact all sectors of the economy, forcing us to play catch-up as we advance our respective development agenda. CARICOM has remained an effective forum for its members to carve out a space for dialogue in the international community to seriously address the structural challenges we face as small island developing states,” said Dr. Drew.
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