ECOSOC Chief Munir Akram Urges Financial Help For Coronavirus-hit Small Island Developing States

The President of UN Economic and Social Council (ECOSOC), Pakistani Ambassador Munir Akram, Friday called for financial and international support to Small Island Developing States (SIDS) to help them recover from the double blows of coronavirus pandemic and climate change

UNITED NATIONS, (UrduPoint / Pakistan Point News - 24th Apr, 2021 ) :The President of UN Economic and Social Council (ECOSOC), Pakistani Ambassador Munir Akram, Friday called for financial and international support to Small Island Developing States (SIDS) to help them recover from the double blows of coronavirus pandemic and climate change.

"There is absolutely no denying that the COVID-19 pandemic has inflicted serious hardship and damage globally, but particularly on SIDS," he told a virtual high-level meeting, noting that it has impacted every aspect of life in those countries.

"Financial liquidity is available today in the world and it is essential in order to enable the SIDs to build back better", the ECOSOC chief said.

"The SIDS should be assisted to prepare a pipeline of projects which are suitable for financial investment and this must be an essential part of the transformation in the development modules to decrease their vulnerability to such pandemics and events," he said, while calling for innovative solutions to enable these countries to access global financing.

Joining the meeting were the President of UN General Assembly, Volcan Bozkir, some world leaders, government ministers, representatives of regional organizations and experts.

There are roughly 60 SIDS worldwide, located in three geographical regions: the Caribbean, the Pacific, and the Atlantic, Indian Ocean and South China Sea.

Although their combined population of 65 million is slightly less than one per cent of the world's population, the UN recognizes the unique social, economic, and environmental challenges they face.

In his opening remarks, Ambassador Akram said the pandemic has been perfect storm- financial, natural, and social, with their revenues virtually evaporating as tourism ended, due to lockdowns, trade impediments, the fall in commodity prices, and supply chain disruptions.

"High debt overhangs, internally high risk, and short-term maturity debts are creating impossible financial problems for their ability to recover from the crisis," he said.

In addition, he said that SIDS have also faced the brunt of the climate crisis. "There has been increasing climate events, hurricanes, and also the recent eruption of the volcano in Saint Vincent and the Grenadines", Ambassador Akram added, referring to the escalating crisis in the Caribbean country.

The ECOSOC chief pointed out that SIDS, however, have largely been ineligible for debt suspension during the pandemic. They also have received little in the way of international support for climate adaptation, and for loss and damage. Their sustainable development is at risk, he warned.

"It is said that we must 'Build Back Better, but in order for the SIDS to revive the path of development, it is essential that they should receive the financial and international support that is required which is commensurate with the challenges they are facing", he said.

"Through our concerted efforts," Ambassador Akram added, "let us build a future that takes into accounts and protects all interests equally including the SIDS."