Vice President Uz Hussain Mohamed Latheef has called for urgent international financial reforms and real debt relief, warning that unsustainable debt remains the greatest obstacle to development for Small Island Developing States (SIDS).

Delivering a plenary statement at the Fourth International Conference on Financing for Development (FfD4), the Vice President stressed that SIDS often have no choice but to rely on borrowing, as they remain ineligible for concessional finance despite their vulnerability.

He called for reforms to create fiscal space for sustainable development and emphasised the need for real debt relief, capacity-building, and stronger implementation of the Seville Commitment.

The Vice President also urged reforms to the international financial system to better reflect the unique circumstances of vulnerable countries and advocated for flexibility in achieving the 2030 Agenda for Sustainable Development.

Highlighting key national efforts, he said the Government remains committed to empowering women and youth and supporting small and medium enterprises (SMEs). He underscored that despite global challenges and systemic barriers, the Maldives is advancing its strategic economic planning and sustainable development goals.

He outlined several initiatives to strengthen the Maldivian economy, including the establishment of the Development Bank of Maldives, introduction of international banking services, and improved access to long-term financing.

He also detailed plans to modernise the financial sector through the Maldives International Financial Services Authority (MIFSA) and the Maldives International Financial Services Centre (MIFC), aimed at creating a financial free zone. Additional efforts include expanding trade and boosting exports of value-added fisheries products.

Among other developments, he announced that the new terminal at Velana International Airport (VIA) will open in July, tripling its annual passenger capacity to 7 million. He described the terminal as a milestone in the Maldives’ goal of becoming a developed nation by 2040 and building resilience to external shocks.

The FfD4 conference, held from June 30 to July 3, 2025, brings together governments, international and regional organisations, financial institutions, businesses, and UN agencies to advance global financing solutions for sustainable development.