Ministers and senior officials will meet in the margins of the United Nations General Assembly on September 24 to discuss the urgent need for improved access to financial resources and debt relief for small states.
The virtual event, co-hosted by the Commonwealth Secretariat and the Alliance of Small Island States (AOSIS) will see representatives from the Commonwealth’s member countries discuss how small states can be better financially supported in the wake of COVID-19.
The IMF estimates that the real output of small states could fall by 3.1 per cent with potential GDP declining by about 8.6 per cent, twice that expected in larger countries.
For many small states who rely on tourism, the outlook is dire. With an estimated contraction in tourism of about 20-30 per cent, revenues are at stake and close to 70 million jobs could be lost.