Biggest barrier to sustainable development is debt: VP Latheef

Vice President Hussain Mohamed Latheef has said that for many developing countries, including Small Island Developing States (SIDS), the biggest challenge in achieving sustainable development is debt.

VP Latheef made these comments at the Debt Sustainability Support Service event, which was conducted on the sidelines of the Fourth International Conference of Financing for Development, currently ongoing in Seville, Spain.

The Vice President attributed the debt to structural weaknesses within the global financial system, rather than mismanagement on the part of the countries, and called for financial reform.

He voiced Maldives' strong support for the SIDS Debt Sustainability Support Service and called for its rapid implementation. The service is expected to deliver customized debt solutions, facilitate knowledge exchange, and back local innovation without adding financial burdens.