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Seychelles Advocates for More Inclusive Global Financial Structures at UNGA

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By: Nasiru Eneji Abdulrasheed
Seychelles Advocates for More Inclusive Global Financial Structures at UNGA

At the 78th session of the United Nations General Assembly (UNGA) in New York, Naadir Hassan, Seychelles’ Minister for Finance, National Planning & Trade, took a stand for his country and similar nations. The primary focus of his representations was the urgent need for a more inclusive global financial structure. One that caters to all countries, irrespective of their income status, and includes the adoption of the Multidimensional Vulnerability Index (MVI) and the new Programme of Action for Small Island Developing States (SIDS) at the Fourth International Conference on SIDS in 2024.

Minister Hassan highlighted the importance of mobilizing adequate financial resources and investments to realize the Sustainable Development Goals (SDGs). He underscored the importance of adopting the MVI, arguing that without it, vulnerable small island developing states like Seychelles, despite being high-income nations, would continue to be excluded from much-needed finance. He described access to financing as not merely necessary for implementing the SDGs, but a moral obligation to ensure a prosperous and equitable future for all.

Seychelles: Building Economic Resilience with Sustainable Debt Pathway

The Seychelles government is implementing strategies to promote sustainable development, as highlighted by Minister Hassan. These include promoting public-private partnerships and identifying suitable innovative finance mechanisms to provide the fiscal space needed. Minister Hassan revealed that Seychelles has committed to a sustainable debt pathway with a target of a 50% debt-to-GDP ratio by 2030. This commitment aims to build economic resilience in the face of global economic uncertainties.

The Minister also called for initiatives to bridge digital divides through capacity building and technology transfer, affirming Seychelles’ commitment to the SDGs. He met with the deputy secretary general of the Commonwealth, Dr Arjoon Suddhoo, who briefed him on the Commonwealth Artificial Intelligence action plan. This plan seeks support from Champion Countries in implementing AI in four critical areas: Research and Innovation, Policy, Capacity Building, and Infrastructure.

Seychelles Embraces Digital Transformation

In response to the briefing, Minister Hassan expressed Seychelles’ desire to join the group of champions, stating that the country has embarked on a digital transformation agenda. He emphasized the need to seize such opportunities to foster economic and development growth through the new digital age. By embracing digital transformation, Seychelles aims to enhance its economic resilience and capitalize on the potential of technology to drive growth and development.

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