Deputy Prime Minister and Finance Minister Professor Biman Prasad attended the Pacific Island High-Level Roundtable, which was chaired by International Monetary Fund (IMF) Managing Director Kristalina Georgieva and Asia Pacific Deputy Managing Director Bo Li.
During the event, ministers from Pacific Island nations exchanged their experiences regarding reforms and financing with the IMF, while also addressing significant challenges such as increasing natural disasters, economic disruptions, and limited access to climate funding.
In his speech, Professor Prasad highlighted the essential role of the IMF in promoting greater climate financing, pointing out that the financial resources available to the Pacific region are only a small fraction of what is actually needed. He called for unity in supporting discussions on a New Collective Quantified Goal (NCQG) for climate finance, particularly in light of the substantial infrastructure deficits faced by many Pacific nations.
The roundtable featured finance ministers and central bank governors from various Pacific Island countries, along with IMF executive directors and senior management representatives.