Deputy Prime Minister Professor Biman Prasad expressed to World Bank Group President Ajay Banga that the well-being, livelihoods, and security of Pacific Islanders are adversely affected by the actions of larger nations.
He emphasized that the World Bank was created to address these issues rather than worsen them. Prof Prasad articulated feelings of exclusion and indifference towards Pacific nations from international financial institutions.
During a recent meeting of Pacific leaders in Tonga, the need for action beyond mere rhetoric was a key topic. Prof Prasad expressed his hope that Banga would recognize the need for change and work to mitigate the feelings of indifference and exclusion that smaller states face in the decision-making processes of the World Bank and other international financial institutions.
He noted that many of his fellow finance ministers share similar sentiments. There is a sense of optimism regarding Banga’s visit, with expectations that it will lead to a deeper understanding of the Pacific’s ongoing call for substantial reforms to ensure the World Bank plays a vital role in fostering a resilient future for the region.