Deputy Prime Minister and Finance Minister Professor Biman Prasad recently attended the Pacific Island High-Level Roundtable, 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 insights on their reform and financing efforts with the IMF, while also highlighting the pressing issues caused by increasing natural disasters, economic challenges, and inadequate access to climate financing.
In his address, Professor Prasad underscored the IMF’s essential role in promoting greater climate financing, noting that the funds currently available for the Pacific region fall significantly short of the actual needs. He called for unity in supporting ongoing discussions for a New Collective Quantified Goal (NCQG) for climate finance, emphasizing the significant infrastructure deficits faced by many Pacific nations.
The roundtable brought together Finance Ministers and Central Bank Governors from various Pacific Island countries, alongside executive directors and senior management from the IMF.