Deputy Prime Minister and Minister of Finance Professor Biman Prasad attended the Pacific Island High-Level Roundtable, chaired by International Monetary Fund (IMF) Managing Director Kristalina Georgieva and Deputy Managing Director for the Asia Pacific region, Bo Li.
During the meeting, Pacific Island Ministers exchanged their experiences regarding reforms and financial progress with the IMF while highlighting significant challenges posed by increasing natural disasters, economic shocks, and limited access to climate financing.
In his remarks, Professor Prasad underscored the essential role of the IMF in advocating for enhanced climate financing, noting that the amount of financial resources available for the Pacific region is only a small fraction of the actual needs. He called for unity to support the ongoing negotiations for a New Collective Quantified Goal (NCQG) for climate financing, given the substantial infrastructure deficits that many Pacific countries are currently facing.
The roundtable was attended by Finance Ministers and Central Bank Governors from various Pacific Island nations, alongside IMF executive directors and senior management.