Tourist-Rich Islands Eschew GDP as Metric to Win Access to Aid.

A group of wealthy Caribbean nations, including Antigua and Barbuda, Barbados, Jamaica, and the Bahamas, are advocating for the United Nations to adopt a new metric called the "Multidimensional Vulnerability Index" (MVI) to measure economic fragility. This metric would help these countries access funding for critical infrastructure without relying on China, which they have done in the past. The MVI measures a country's vulnerability to external shocks like climate change and financial upheaval. The proposal has the support of 39 Small Island Developing States and is expected to be approved at the UN General Assembly in September. These Caribbean nations have turned to China for funding due to their inability to tap into global bond markets and their disqualification from international aid due to their perceived wealth. However, the reliance on high-interest loans and frequent natural disasters has led to high debt levels in the Caribbean. China has invested over $13 billion in the Caribbean since 2010, building infrastructure projects and gaining influence in the region. The Prime Minister of Antigua and Barbuda, Gaston Browne, has praised China's support but also emphasized that his country will not allow any actions that would harm US interests. [Extracted from the article]