Professor Biman Prasad, Deputy Prime Minister and Minister of Finance, took part in the Pacific Island High-Level Roundtable led by 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 efforts and financing challenges with the IMF. They highlighted pressing issues such as the increasing frequency of natural disasters, economic disruptions, and difficulties in accessing climate financing.
In his speech, Prof Prasad highlighted the vital role of the IMF in advocating for enhanced climate financing. He pointed out that the financial resources currently available to the Pacific Islands are insufficient to meet their significant needs.
Prasad also called for collective action to support ongoing conversations regarding a New Collective Quantified Goal (NCQG) for climate finance, noting the substantial infrastructure gaps that many Pacific countries are experiencing.
The roundtable brought together Finance Ministers and Central Bank Governors from various Pacific Island nations, along with IMF executive directors and senior management.
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