Nasheed: Will struggle to fund climate change adaptation projects without debt restructuring

Parliament Speaker, former President Mohamed Nasheed has stated that without debt restructuring, the Maldives will struggle to afford much-needed climate change mitigation projects.

In an interview given to the Canadian news outlet ‘CBC’, Nasheed had stated that without a proper debt management plan – Maldives will struggle to fund much-needed climate change adaptation measures.

“The government is spending approximately 30 to 40 percent of its budget on debt repayment. Only 25 percent is allocated for adaptation measures,” he had said, explaining this a ‘financial crunch’ for the government.

"For us to be able to have a decent living, we must be able to suspend our debt repayment and spend on adaptation measures as well," Nasheed added.

Speaking further, Nasheed noted that the biggest threat that the island nation faces is the existential threat of rising sea levels.

Nasheed has always been at the forefront when advocating for climate emergencies. In order to raise awareness – he continues to give interviews to foreign news outlets as well as raise his voice through social media.

The islands of Maldives are only a meter above the sea level – making them extremely vulnerable to storm surges and severe weather events.