Vice President Uz Hussain Mohamed Latheef, delivered a compelling address at the Fourth International Conference on Financing for Development (FfD4), advocating for strategic development, financial equity, and urgent reforms in the global financial architecture.

Speaking at the plenary session in Seville, Vice President Latheef emphasized the need for development that is both intentional and sustained through long-term planning and investment. 

He underscored how geopolitical tensions and global conflicts have heightened uncertainty and disrupted supply chains, presenting significant challenges for developing nations.

Despite these global headwinds, the Vice President shared key initiatives undertaken by the Maldives to advance national development. 

Among these are the establishment of international bunkering services and the Development Bank of Maldives key infrastructure to finance long-term socio-economic goals.

He also outlined the government’s strategy to diversify and strengthen the economy by enhancing trade partnerships to increase value-added fisheries exports and by modernising the financial sector through institutions such as the Maldives International Financial Services Authority and the Maldives International Finance Centre, a new financial free zone.

Vice President Latheef reiterated the government's commitment to empowering micro, small, and medium-sized enterprises (MSMEs), especially those led by women and youth. 

He cited the imminent opening of the new terminal at Velana International Airport in July, which will triple passenger capacity to 7 million, as a milestone in the Maldives’ path to becoming a developed nation by 2040.

Addressing structural injustices in global financial systems, the Vice President highlighted the persistent exclusion of Small Island Developing States (SIDS) from concessional financing. 

He described how SIDS are often left with no option but to rely on costly commercial borrowing to meet basic development needs, labelling debt as the greatest barrier to their progress.

He called on the international community to transform the Seville Commitment into tangible outcomes, stressing the need to give vulnerable countries the tools and fiscal space to pursue sustainable development. 

He urged for bold, inclusive action to ensure no country is left behind in achieving the 2030 Agenda.

The Vice President is representing the Maldives at FfD4, held from June 30 to July 3 in Seville, Spain. 

The conference brings together global stakeholders, including governments, international financial institutions, businesses, and civil society to discuss pathways for comprehensive reform in development financing.