BASSETERRE, St. Kitts -- FOLLOWING the recent adoption of the Multidimensional Vulnerability Index (MVI) by the United Nations, Foreign Affairs Minister Dr. Denzil Douglas has expressed his support for this significant development.
Countries such as St. Kitts and Nevis, Antigua and Barbuda, Grenada, Barbados, and others have long advocated for vulnerability-based assessments of concessional loans.
At a recent press conference held by the Ministry of Foreign Affairs, Dr. Douglas described the recognition of the MVI as “historic,” noting that the consensus was reached on August 13.
Dr. Douglas, who has been a strong proponent of the MVI since his tenure as Prime Minister, welcomed the decision and anticipates further progress at next month’s United Nations General Assembly.
“As we approach the UN General Assembly, I am sure that this would be an assembly that would press for specific timelines in this being recognized. I mean, you are talking about something that I went around, the world with the former Secretary General of the Commonwealth, just before I left government, back in 2013-2014, and it is now 10 years, and so it has taken that long to be recognized,” Dr. Douglas remarked.
Countries like St. Kitts and Nevis have traditionally been assessed based on per capita income, which can misleadingly suggest affluence. Due to the small population size and the Citizenship by Investment (CBI) program, St. Kitts and Nevis has been categorized as a high-income country, making concessional loans nearly unattainable.
“But that does not mean that our countries are not in need, especially after a disaster. And that is why the term multidimensional vulnerability index, we were saying then, that the rest of the world, the developed world in particular, those that control the national financial institutions, must recognize that the incidence of disasters in our countries do have very high per capita income” Dr. Douglas explained.
This decision will be crucial for rebuilding efforts in St. Vincent and the Grenadines and Grenada, which are working to recover from the devastation caused by Hurricane Beryl.
Dr Douglas noted that despite appearances, small island states may appear wealthy in terms of having the resources to rebuild infrastructure after a disaster. However, for a tourism-dependent country, having damaged homes, hospitals, and airports significantly hampers recovery efforts.
