Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, has issued a stark warning about the dire situation facing Pacific Island nations, calling for immediate action to prevent the loss of entire countries. During the High-Level Regional Consultation on Financing for Development in Asia and the Pacific held in Bangkok, he addressed the urgent need for reforms in global development assistance, debt sustainability, and climate finance, highlighting the severe impacts of climate change and economic instability on small island nations.
Professor Prasad pointed out that the economic contractions experienced by these nations, some as severe as 30 to 70 percent due to single natural disasters, are unprecedented outside of wartime scenarios. He advocated for a significant shift in international policies regarding development aid, emphasizing the necessity of delivering assistance that is more aligned with the specific needs of vulnerable nations. According to him, it’s crucial to empower local governments rather than sidestepping them in the aid process.
He also urged developed countries to fulfill their long-standing commitments, such as achieving the 0.7 percent GDP target for Overseas Development Assistance (ODA) by 2030, and called for an expedited and larger-scale implementation of climate finance. “Time is no longer on our side,” he stated, underscoring the urgency of the situation.
In his closing remarks, Professor Prasad called for a more equitable global financial system that accounts for the unique challenges faced by small island states, stressing that these nations cannot afford to wait for help any longer.
This article sheds light on a critical issue affecting some of the world’s most vulnerable nations and advocates for immediate changes in international assistance frameworks. The call for empowering local governments and ensuring that aid is effective and relevant can lead to a more resilient future for these communities. The global recognition of such needs may foster a more supportive environment for Pacific Islands, paving the way for positive changes. Through collaboration and commitment, there is hope for sustainable solutions that can help secure the future of these nations.
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