The Deputy Prime Minister and Minister for Finance of Fiji, Professor Biman Prasad, has issued a stark warning about the existential threats facing the Pacific Islands due to climate change and economic challenges. While speaking at the High-Level Regional Consultation on Financing for Development in Asia and the Pacific in Bangkok, he emphasized the need for immediate reforms in global development assistance, debt sustainability, and climate finance to prevent the potential loss of entire nations.
Professor Prasad highlighted the severe economic impacts that Pacific nations have endured, mentioning that some countries have experienced economic contractions ranging from 30 to 70 percent following catastrophic cyclones. This alarming statistic underscores the urgency and gravity of the situation.
In his address, he criticized existing development aid approaches that often overlook local governance, advocating instead for assistance that empowers nations to control their economic futures. He also called upon wealthier nations to fulfill their commitments to Overseas Development Assistance (ODA), specifically the goal of allocating 0.7 percent of Gross Domestic Product (GDP) by 2030 toward development aid. Furthermore, he stressed that climate finance needs to be ramped up and expedited, as timely action is critical.
Professor Prasad concluded by urging for a fairer global financial system that takes into account the unique vulnerabilities of small island states, stressing that “the Pacific cannot afford to wait any longer” for the international community to take decisive action.
The challenges facing the Pacific Islands are severe, but there is hope in the unity of voices like Professor Prasad’s calling for international collaboration and reform. With increased awareness and commitment from the global community, there is potential to forge pathways toward sustainable development and resilience for these vulnerable nations.
Summary: Deputy Prime Minister Biman Prasad called for urgent global reforms regarding climate finance and development aid at a conference in Bangkok. He warned that Pacific Islands are facing existential threats and urged wealthier countries to meet ODA commitments. Prasad emphasized the need for tailored assistance that empowers local governments and a fairer financial system to overcome the unique challenges of small island states.
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