Washington

MMA Governor Munawar Calls for Changes in Global Framework to Reflect Debt Realities Faced by Small Island States

Governor of the Maldives Monetary Authority (MMA), Ahmed Munawar, spoke at the IMF and World Bank plenary in Washington on October 25, 2024, calling for structural changes to address debt sustainability for small island states. He noted that about two-thirds of emerging economies face debt repayment difficulties and urged multilateral development banks to create debt-for-climate instruments. Munawar highlighted that the Maldives targets 33% renewable energy, requiring $1.3 billion, of which donors have contributed only 13%. He also called for reforms in productivity, job creation, and economic diversification.