Deputy Prime Minister and Minister of Finance Professor Biman Prasad took part in the Pacific Island High-Level Roundtable, which was chaired by Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), and Bo Li, the Deputy Managing Director for the Asia Pacific region.
During the meeting, Pacific Island Ministers exchanged insights on their reform progress and financing efforts with the IMF, while also addressing significant challenges posed by increasing natural disasters, economic shocks, and difficulties in accessing climate financing.
In his comments, Professor Prasad highlighted the IMF’s essential role in advocating for enhanced climate financing and pointed out that the amount of financial resources available for the Pacific region is substantially less than the actual needs. He also called for solidarity in supporting ongoing discussions aimed at establishing a New Collective Quantified Goal (NCQG) for climate finance, given the significant infrastructure shortages that many Pacific nations are currently facing.
The roundtable welcomed participation from Finance Ministers and Central Bank Governors from a majority of Pacific Island countries, alongside IMF executive directors and senior management.
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