Operationalizing Integrated National Financing Framework (INFF) in the Maldives - Stakeholders Meeting
- (17 March 2021, Male’): The Government of Maldives and the United Nations in the Maldives convened the virtual Stakeholders’ Meeting, under the global Joint SDG Fund project “Operationalization of an Integrated National Finance Framework (INFF) in the Maldives”.
The Government of Maldives and the United Nations in the Maldives convened the virtual Stakeholders’ Meeting, under the global Joint SDG Fund project “Operationalization of an Integrated National Finance Framework (INFF) in the Maldives”. The two year (July 2020 – June 2022) joint programme is being led by the Ministry of Finance with relevant government ministries, with UNDP, UNICEF, WHO and UNFPA.
The programme is the first joint UN initiative which has been launched in the Maldives since 2018. It is a strategic approach, to supporting the Government to make progress on achieving the Sustainable Development Goals (SDGs) in the country, by 2030. With just 10 years left, and the socioeconomic impacts of COVID-19 in the Maldives, innovations in the way that countries plan, and finance sustainable development is critical.
At a value of US$ 1.4 million, this initiative will anchor climate action and a gender responsive and equity -focused social sector at the heart of the national financing agenda, to ensure that no one is left behind. In turn, more sustainable financing for these sectors should come online, and generate long-term development benefits for Maldivians.
The main objectives of the virtual meeting were to:
- Inform the donors of the global Joint SDG Fund, and on the progress made of the programme in the Maldives;
- Build on Development Finance Assessment/ Integrated National Finance Framework consultative process to strengthen coherence, coordination, synergies and secure potential strategic partnerships across development partners and international financial institutions between ongoing and existing activities; and
- Identify potential entry points for collaboration to strengthen monitoring and governance of public and private investments.
Speaking at the event, the Minister of Finance H.E. noted that the programme encompasses the timely operationalization of holistic and integrated financing strategies that will transform the development financing framework of the country, anchoring climate finance with comprehensive and equitable social service delivery. He further stated, “I believe this is an essential initiative fully aligned with the Government’s immediate priorities as we walk the path of inclusive recovery leaving no one behind as we have pledged together.”
The UN Resident Coordinator Ms. Catherine Haswell highlighted the importance of working across sectors to channel resources and support efforts more efficiently to recover better from the COVID-19 pandemic. The UNRC reaffirmed UN support to Maldives efforts to operationalize the INFF and enhance coherence amongst partners to move from funding to financing and create a better, more sustainable future for the people of Maldives.
The Head of the global Joint SDG Fund, Ms. Lisa Kurbiel stated that the Fund is an innovative instrument, designed to incentivize transformative policy shifts, and stimulate the strategic investments required to get the world back on track to achieve the 2030 Agenda. She further noted that this is the only fund of its kind, solely focused on SDG financing across the UN Development System, stating that “we would like to see ourselves as a catalyst, where we can engage and attract much larger financial flows to countries like the Maldives.”
Convened by the National INFF Oversight Committee, the Stakeholders’ Meeting was attended by the global UN Joint SDG Fund donors, development partners, and International Financing Institutions, project partners from the public and private sectors, and the Government of counterparts.
As Maldives continues its fight to overcome the global COVID-19 pandemic, the Ministry of Finance and the United Nations in the Maldives remain committed to consolidate knowledge and expertise available towards one key goal to create a resilient and sustainable future for Maldives.