Deputy Prime Minister and Minister of Finance Professor Biman Prasad attended a high-level roundtable focused on Pacific Island nations, led by International Monetary Fund (IMF) Managing Director Kristalina Georgieva and Deputy Managing Director Bo Li, who oversees the Asia Pacific region.
During the meeting, Pacific Island Ministers exchanged their experiences regarding reforms and financial strategies with the IMF, while also addressing significant challenges related to increasing natural disasters, economic disturbances, and limited access to climate financing.
In his speech, Professor Prasad highlighted the essential role of the IMF in promoting greater climate financing and pointed out that the current financial resources available to the Pacific region fall short of their urgent needs. He called for unity to advance discussions on a New Collective Quantified Goal (NCQG) for climate finance, emphasizing the substantial infrastructure deficiencies that many Pacific nations are contending with.
The roundtable included participation from Finance Ministers and Central Bank Governors of various Pacific Island countries, along with IMF executive directors and senior management.