The Pacific Islands are confronting a critical situation, with Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, urging immediate action to prevent the loss of entire nations. During the High-Level Regional Consultation on Financing for Development in Asia and the Pacific in Bangkok, Professor Prasad highlighted the urgent need for reform in global development assistance, addressing debt sustainability, and enhancing climate finance to combat the devastating effects of climate change and economic vulnerabilities faced by small island nations.
He pointed out the staggering economic downturns these nations have experienced, noting that they suffer contractions of 30 to 70 percent due to single cyclones, a situation that parallels wartime conditions. In light of the upcoming Fourth International Conference on Financing for Development (F4D), Professor Prasad stressed the importance of tailoring development aid to meet the specific needs of vulnerable countries, advocating for systems that empower local governments rather than bypass them.
Moreover, he urged wealthy nations to honor their existing commitments to Overseas Development Assistance (ODA), aiming for a target of 0.7 percent of GDP by 2030, while also demanding prompt and efficient climate finance. “Climate finance must be delivered on scale and with urgency,” he stated, emphasizing the urgency of the situation.
In closing, Professor Prasad called for a fairer global financial system that acknowledges the unique challenges faced by small island states, urging the international community to take immediate and decisive action to protect the future of these at-risk nations.
This situation highlights the pressing need for collaborative global efforts to address climate change and economic stability, particularly for vulnerable regions like the Pacific Islands. A unified approach could foster resilience and sustainable growth, ensuring that these nations can thrive despite their challenges.
Summary: Deputy Prime Minister Biman Prasad emphasizes the urgent need for reform in global financial systems to tackle the challenges faced by Pacific Island nations, advocating for tailored development aid and immediate climate finance support to prevent the existential threat of climate change.
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