ST JOHN’S, Antigua, CMC—Prime Minister Gaston Browne has welcomed the news that the United Nations has agreed to adopt the Multi-dimensional Vulnerability Index (MVI), a new measuring tool to better serve countries such as Antigua and Barbuda.
International financial institutions such as the World Bank and the International Monetary Fund (IMF) often rely solely on Gross National Income (GNI) to determine eligibility for access to concessionary loans.
Late Wednesday, UN member states agreed to adopt and use an MVI following an exhaustive process of final deliberations over the past few days and nearly three years of work led by Antigua and Barbuda to make the initiative a reality.
The final document emerged late Wednesday from a critical UN process called the “Silence Procedure.” Member states can raise objections or dispute positions from the final negotiated text during this procedure. Silence on the MVI was unopposed, sig—unifying full and unanimous endorsement by all UN member states.
“We are happy to have contributed significantly to the development of the MVI, which was first requested over 30 years ago as a significant development tool for vulnerable states. This is a welcomed achievement for vulnerable small island developing states in particular, which will now have a new tool utilizing the country’s vulnerability and lack of resilience to assist them in accessing funding for development,” the prime minister said.
He described the MVI as a powerful strategic planning tool for determining developing countries’ vulnerability and resilience profiles.
“I take the opportunity to commend my co-chair, Erna Solberg, former Prime Minister of Norway, and the other members of the UN expert panel that presided over the development of the MVI index, which will complement the GNI per capita index in determining a country’s eligibility for concessional funding.
“I also would like to thank Ambassador Dr. Aubrey Webson and our Deputy Permanent Representative, Tumasie Blair, and all others who contributed to the development of the MVI,” he noted.
Browne said Antigua and Barbuda looks forward to its formal adoption in September and its wide use among international financial institutions, multilateral banks, and funding countries.
This historic initiative marks a milestone for Small Island Developing States (SIDS), who have long championed an MVI for over thirty years.
SIDS fought tirelessly for an MVI to acquire crucial development support, including concessionary financing, due to traditional means of measuring economic needs that fail to consider their unique vulnerabilities.
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