“Urgent Call to Action: Pacific Islands on the Brink”

Pacific Islands are confronting a critical crisis, prompting a strong call to action from Deputy Prime Minister and Minister for Finance, Professor Biman Prasad. He emphasized the urgent need for international support and reform during his address at the High-Level Regional Consultation on Financing for Development in Asia and the Pacific, held in Bangkok.

Professor Prasad highlighted the severe impact of climate change and economic instability affecting small island nations. He pointed out that, aside from wartime, economies have never experienced contractions ranging from 30 to 70 percent due to a single cyclone, underscoring the extreme difficulties faced by Pacific countries.

In anticipation of the Fourth International Conference on Financing for Development (F4D), he advocated for a significant shift in global development policies. He stressed the importance of restructuring development aid to better address the particular needs of vulnerable nations. “We must stop creating systems that bypass local governments and instead deliver aid that empowers nations to lead their own development,” he asserted.

Additionally, Professor Prasad urged wealthier nations to fulfill their commitments regarding Overseas Development Assistance (ODA), specifically the target of dedicating 0.7 percent of GDP by 2030. He called for climate finance to be provided with both scale and urgency, stating, “Time is what we no longer have.”

In his concluding remarks, he advocated for a fairer global financial system that acknowledges the exceptional challenges faced by small island states. “The Pacific cannot afford to wait any longer,” he cautioned, appealing to the international community to take immediate and effective action to protect the future of these vulnerable nations.

This address serves as a crucial reminder of the ongoing plight of Pacific Islands and the collective responsibility of the global community to support them in the face of climate change and economic challenges. With concerted efforts, there is hope for a more sustainable future for these nations, paving the way for resilience and empowerment in the wake of adversity.