In his keynote address at the High-Level Meeting on Resource Mobilization for Small Island Developing States (SIDS) at the Fourth International Conference on SIDS (SID4) in Antigua and Barbuda on Tuesday, President Dr. Mohamed Dr Muizzu called for significant reforms in financial architecture and new avenues for partnerships.

His focus was on enabling easier access to finance for SIDS to achieve the Sustainable Development Goals (SDGs).

President Dr Muizzu highlighted the high costs that countries like the Maldives, which have graduated from the Least Developed Countries (LDC) category, face.

These include increased borrowing costs from bilateral creditors and restricted access to affordable finance.

Despite international commitments to boost development and climate financing for SIDS, he noted with concern the declining net external resource inflow to these nations over the past two decades.

The President stressed that SIDS should not have to make impossible choices, such as deciding between funding new schools or constructing seawalls.

He called on Multilateral Development Banks (MDBs) and international financial institutions (IFIs) to enact reforms, such as channeling funds through international capital markets to lend to SIDS at highly concessional rates.

This, he argued, would help fulfill long-standing promises made to SIDS.

President Dr Muizzu also proposed that developed countries partner with MDBs and the private sector to increase private finance flows to SIDS.

He emphasized the need for risk-sharing mechanisms to attract foreign investments, which are crucial for achieving the SDGs and national development goals.

In his call to action, the President urged SIDS to think big and broaden their vision, aiming higher and seeking support from development partners.

He highlighted the importance of building state and productive capacities and leading the process of development themselves.

Concluding his remarks, President Muizzu challenged the international community's commitment to directing finance where it is most needed.

He urged development partners to view SIDS not just as aid recipients but as partners in sustainable development, protecting vast ocean areas and biodiversity.

Genuine partnerships, he asserted, are essential for ensuring that finance is mobilized effectively.

 emphasizing the urgent need for commitment and will to support SIDS in their development journey.