The Multidimensional Vulnerability Index (MVI) was formally adopted by the United Nations this morning, successfully culminating four years of tireless work by a dedicated team of experts led by Antigua and Barbuda and opening a new chapter in the ongoing effort to safeguard the future of vulnerable developing countries, in particular Small Island Developing States.
In reflecting on the body of work and the steep climb that led to the milestone achievement, Antigua and Barbuda’s Permanent Representative to the United Nations Ambassador Walton Webson pointed out that it all started 30 years ago when Small Island Developing States called for a tool that would accurately assess the vulnerability of their nations.
Today’s adoption of the MVI at the level of the United Nations General Assembly provides overwhelming consensus on a new metric that unlocks concessional financing for countries who were previously denied urgent financial support in moments of crisis.
Antigua and Barbuda played a pivotal role throughout the process after Prime Minister Gaston Browne along with former Prime Minister of Norway Erna Solberg were appointed Co-Chair of the High Level Panel to spearhead the creation of the groundbreaking tool that is now giving new hope to SIDS.
The MVI now gives international financial institutions access to another tool that comprehensively assesses a country’s vulnerability to external shocks, including economic, climate, and health-related disruptions, and its capacity to respond and recover.
It will act as a complement to GDP in better guiding lending institutions in determining a country’s eligibility for financial support.
Ambassador Webson, who was one of the Co-Chairs of the intergovernmental process, while addressing the General Assembly this morning acknowledged that “we have just adopted an instrument that authentically captures the true and multifaceted vulnerabilities faced by developing countries.”
“We commend the visionary efforts embodied in the MVI, which aligns with our efforts to reform the international financial architecture and provides the type of guidance required in the current discussions of “beyond GDP” that aims to recalibrate our collective approach to development and sustainability,” Ambassador Webson affirmed.
But with the formalities fully aside, Ambassador Webson emphasized to UN member states that while adopting the MVI marks a significant milestone, the real challenge lies ahead, as there need to be urgent action in delivering on the MVI’s promise of a better deal for vulnerable countries.
“The adoption today must be matched by the expeditious implementation and active utilization of the MVI by the UN, our developed partners, international financial institutions and other stakeholders,” Ambassador Webson stressed.
The UN General Assembly resonated with a similar appeal from the Alliance of Small Island States (AOSIS).
“AOSIS, in line with the tenets of the resolution, calls for the immediate testing of the MVI, by the UN system, by donors and by development banks and financial institutions. We wish to see the MVI deployed in real-world contexts, and through its testing and eventual refinement, that it will unlock a new way of thinking and acting on development,” stated AOSIS Chair Ambassador Fatumanava Pa’olelei Luteru.
Meantime Ambassador Webson heaped praise on all involved in bringing the MVI to reality including his fellow Co-Chairs from Portugal, Ambassador Rui Vinhas and Ambassador Ana Paula Zacarias.
“The success of the MVI would not have been possible without the expert advice of our colleagues Mr. Tumasie Blair of Antigua and Barbuda and Mr. Afonso Lages of Portugal and the support by the MVI secretariat – the SIDS Unit of UNDESA and OHRLLS and the many expert negotiators,” he affirmed.
Ambassador Webson concluded his remarks by emphasizing that “The Government of Antigua and Barbuda urges all stakeholders to embrace the MVI with the vigor and immediacy it demands. Let us turn its consensual adoption into a clarion call for swift, coordinated, and resolute action”
He also noted that “Antigua and Barbuda will remain fully committed and engaged in all stages of work and implementation of this most historic Multidimensional Vulnerability Index.”
Numerous developed and developing countries and the President of the UN General Assembly, Dennis Francis, praised Prime Minister Browne and Ambassador Webson for the stellar work led by Antigua and Barbuda in the creation and consensus adoption of the MVI.
In an enthusiastic show of unity, the General Assembly erupted in a thunderous round of applause at the adoption of the MVI, signalling a resounding endorsement of the groundbreaking initiative.
