Deputy Prime Minister and Finance Minister 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 Bo Li, who oversees the Asia Pacific region.
During the discussions, Pacific Island Ministers shared their experiences regarding reforms and financing with the IMF, highlighting significant challenges such as the increasing frequency of natural disasters, economic shocks, and difficulties in accessing climate financing.
In his remarks, Professor Prasad underscored the IMF’s vital role in promoting greater climate financing, pointing out that the available financial resources for the Pacific Islands are significantly insufficient compared to their needs. He called for unity in supporting the ongoing initiatives for a New Collective Quantified Goal (NCQG) for climate finance, emphasizing the pronounced infrastructure deficits faced by many Pacific nations.
The roundtable brought together Finance Ministers and Central Bank Governors from numerous Pacific Island countries, along with IMF executive directors and senior management.