Deputy Prime Minister and Minister for Finance of Fiji, Professor Biman Prasad, has issued a grave warning regarding the dire situation facing Pacific Island nations. During the High-Level Regional Consultation on Financing for Development in Asia and the Pacific held in Bangkok, he stressed the urgent need for global action to prevent the potential loss of entire nations due to climate change and economic instability.
Professor Prasad highlighted the catastrophic financial impacts of climate events, stating that economies can contract by an astonishing 30 to 70 percent due to a single cyclone, a crisis that poses unprecedented challenges for these vulnerable nations. As preparations for the Fourth International Conference on Financing for Development commence, he underscored the necessity for a fundamental shift in international policies, advocating for development aid that is specifically designed to meet the unique needs of small island countries.
He emphasized the importance of empowering local governments rather than undermining their authority through poorly structured aid systems. Furthermore, DPM Prasad called upon developed nations to fulfill their longstanding commitments, particularly recommending adherence to the 0.7 percent GDP target for Overseas Development Assistance (ODA) by 2030 and advocating for more efficient climate financing.
“Climate finance must be delivered on scale and with urgency—because time is what we no longer have,” he remarked, urging the global community for a more equitable financial approach that acknowledges the distinct challenges faced by small island states.
Prasad’s call to action serves as a poignant reminder of the vulnerabilities that Pacific nations endure while highlighting the global responsibility to safeguard their future. With concerted efforts and a commitment to equity, there is hope for these nations to overcome such daunting challenges and thrive in a changing world.
In summary, the article emphasizes the urgent need for global reform in policies affecting climate finance and development aid—essential steps to support Pacific Island nations facing existential threats.
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