Maldives President calls for economic diversification

President Dr. Mohamed Muizzu has addressed the critical issue of debt sustainability facing Small Island Developing States (SIDS). Speaking at a side event on “Building Resilient Futures: The SIDS Debt Sustainability Support Service,” he highlighted the urgent need for comprehensive solutions to ease the growing external debt burden that threatens the financial sustainability of SIDS.

President Muizzu pointed out that over 40% of SIDS are currently in or nearing debt distress, with the Maldives’ debt-to-GDP ratio exceeding 100 percent. He said “these stark figures demand urgent action”, emphasizing the importance of the SIDS Debt Sustainability Support Service, a strategic initiative aimed at alleviating this financial crisis.