The Maldives has called on the G20’s debt service suspension initiative to extend their collection initiative until the end of 2021.

The statement was made by the Maldivian Minister of Foreign Affairs, Abdulla Shahid at the 75th General Assembly of the United Nations (UN).

In his address, Minister Shahid said that the “asymmetries in the international system” have become more clearer and “laid bare like never before”.

“Whether it be the unevenness of the impacts, the digital divide, the deep shocks due to disruptions in supply chains - no country has been spared from the impacts. But not every country has been affected in equal measure. In countries like mine, where tourism contributions both directly and indirectly account for 75% of GDP, the loss has been immeasurable” Minister Shahid said.

He said that the toll that debt burdens have on the economies of Small Island Developing States such as the Maldives is clearer and the Maldives appreciate the G20’s debt service suspension initiative.

The Foreign Minister said that there is little difference between 31st December and 1st January, apart from the change in year as economies will still be in recovery and so requests the G20 to extend their initiative until the end of 2021.

“But, debt suspension is only half the story for SIDS. We need structural change, innovative facilities, and better and greater access to concessional financing. We need a proper assessment of our vulnerabilities that will shape the way for better-targeted approaches in SIDS.” Minister Shahid said.