The Holy See has called for increased efforts from developed nations to help small island nations achieve their sustainable development goals by cancelling their debt. Source: Vatican News.
“Debt cancellation is not just a matter of economic or development policy, but a moral imperative rooted in the principles of justice and solidarity,” said Msgr Robert Murphy on Tuesday.
The Vatican representative was addressing the Fourth International Conference on Small Island Developing States (SIDS) taking place in Antigua and Barbuda from this week under the theme “Charting the course toward resilient prosperity”.
The SIDS comprise 37 UN member nations and 20 associate members of UN regional commissions and have been meeting every ten years since 1994 to address shared issues and concerns.
Small island nations are today in the crossfires of multiple crises including climate change and biodiversity loss, the economic and social repercussions of COVID-19 and debt crisis
The pandemic hugely impacted all these countries, especially those dependent on tourism, while climate action is becoming increasingly urgent, as weather-related disasters have doubled in two decades with island nations both most vulnerable and least responsible.
In the face of the “unique combination of compounding vulnerabilities” in these countries, Msgr Murphy reaffirmed the urgent need for a “bold approach to debt” as part the support needed by the SIDS.
“The escalating debt burden faced by SIDS is becoming more and more unsustainable,” he said.
“Debt obligations compel these countries to make untenable choices between servicing mounting interest payments or allocating resources to invest in health, education, social protection systems and infrastructure.
“Moreover, debt perpetuates a cycle of dependency that hampers SIDS’ ability to address pressing issues such as poverty eradication and climate change”
By alleviating the burden of debt SIDS can therefore “regain the freedom to pursue sustainable development pathways that uphold the dignity of all persons,” Msgr. Murphy said.
FULL STORY
Holy See urges debt cancellation for small poor island nations (By Lisa Zengarini, Vatican News)
