Deputy Prime Minister and Minister of Finance Professor Biman Prasad attended the Pacific Island High-Level Roundtable, which was led by International Monetary Fund (IMF) Managing Director Kristalina Georgieva and Deputy Managing Director for the Asia Pacific region Bo Li.
During the event, Pacific Island ministers exchanged insights on reforms and financing efforts with the IMF, while also addressing significant challenges caused by increasing natural disasters, economic shocks, and limited access to climate funding.
In his remarks, Professor Prasad highlighted the vital role of the IMF in promoting enhanced climate financing, noting that the financial resources currently available for the Pacific region fall far short of the pressing needs. He called for unity in supporting the discussions on a New Collective Quantified Goal (NCQG) for climate finance, particularly in light of the substantial infrastructure deficits that many Pacific nations are experiencing.
The roundtable was attended by finance ministers and central bank governors from various Pacific Island countries, alongside IMF executive directors and senior management.