BAHAMAS-POLITICS-Bahamas PM says country committed to multilateralism.

NASSAU -- The Bahamas government says it is committed to The multilateralism 'and all it can achieve in addressing uneven geographies of development' noting that as a small island state, there is a need to promote security, development and human rights of all states.

'We live in a globalised, interconnected world. While a single nation acting alone may have limited reach and influence, there is power in partnership. Partnerships are central to our approach to representing our national interests and taking on the biggest global challenges,' Prime Minister Phillip Davis said as he addressed the start of Diplomatic Week here.

He told the audience those partnerships are, by and large, forged through diplomacy.

'We recognise that the solidarity of peoples is necessary to overcome challenges, remove the causes of asymmetries and inequities between and within states, and promote the security, development and human rights of all states,' he added.

Davis said that he wanted to address 'a few issues' which affect the country ' considerably' and that he believes that multilateralism, particularly through regional and international bodies, can assist in tackling those challenges.

He said broadly speaking, these issues fall into three categories, namely economic and social justice, reparatory justice, and climate justice, adding that 'these themes will anchor our multilateral policies for the next 50 years and beyond'.

Davis said that as a Small Island Developing States (SIDS), the country's economic and social development requires the use of the UN Multi-Vulnerability Index (MVI).

'It is a critical step forward in understanding the relationship between vulnerability, exposure, shock, debt and development. This index not only acknowledges economic vulnerabilities, but also considers factors like climate change, political stability, and social disparities, providing a more comprehensive picture of a nation's susceptibility to external shocks.

'High-income states, such as The Bahamas, often encounter difficulties in accessing concessional financing due to classifications based solely on income,' Davis said, noting that the MVI recognizes that even relatively affluent nations can be highly vulnerable to various risks, making it imperative to reassess traditional financing models.

He said that by incorporating the MVI into international funding mechanisms, 'we can ensure that financial assistance reaches those who need it most, regardless of their income...