St. John’s, Antigua and Barbuda
It is a pleasure to be with you today to discuss the way forward for the Multidimensional Vulnerability Index (MVI).
With effective application, the MVI can become a transformative tool in our collective mission to support Small Island Developing States (SIDS) and achieve the ambitious objectives outlined in the Antigua and Barbuda Agenda for SIDS (ABAS).
The MVI offers a transformative approach to measuring and applying the impact of vulnerability in the context of today’s world. Unlike traditional metrics that look at income alone, the MVI recognizes the complex, interconnected challenges faced by a country – from economic shocks to environmental fragility and capacity constraints.
By assessing vulnerability across multiple dimensions, the MVI provides a more holistic picture, enabling us to tailor our development strategies and financial instruments to the unique needs of each nation. This is crucial for delivering on the ABAS priorities, which range from climate resilience and renewable energy transitions to sustainable tourism and digital transformation.
But the MVI is not a standalone solution. It is a tool – an approach, a framework – that can complement and strengthen other development-focused initiatives led by the Secretary-General and Member States, that are aimed at a fairer and more responsive global financial system – and addresses the unique needs and development aspirations of all developing countries, including SIDS.
By highlighting a country’s specific vulnerabilities, the MVI can provide concrete evidence when greater access to affordable finance, including increased concessional finance, and debt relief is warranted.
With its integrated assessment of country needs, the MVI is also a fitting guide for channelling development-focused investments. The MVI's multidimensional approach mirrors the integrated nature of the SDGs. By identifying a country’s most pressing challenges, the MVI can guide the allocation of SDG Stimulus funding, or any development resources, ensuring that they are directed where they can have the most significant impact.
Colleagues,
The intergovernmental discussions on the MVI are ongoing, but that does not prevent us from leveraging its strengths in our support of SIDS development strategies in the interim.
We should integrate the MVI into our funding mechanisms, debt assessments, and risk analyses. This will ensure that financial instruments are better calibrated to address the specific vulnerabilities of each SIDS nation.
But, to unlock the full potential of the MVI for SIDS, we must invest in reliable data collection and strengthen the statistical capacity of these small island nations.
The MVI is more than an index; it can guide us towards a more inclusive and sustainable future for all countries, and for SIDS in particular. By embracing the MVI, we can translate the ambitious goals of the ABAS into tangible progress, ensuring that no island is left behind in the journey towards sustainable development.
I thank you.