Government of the Republic of Fiji
Government of the Republic of Fiji
12/18/2024 | Press release | Distributed by Public on 12/17/2024 21:57
DPM PRASAD URGES URGENT GLOBAL ACTION FOR...
Pacific Islands are facing an existential crisis, and the world must act now or risk losing entire nations, warns Deputy Prime Minister and Minister of Finance, Hon. Biman Prasad, at the High-Level Regional Consultation on Financing for Development in Asia and the Pacific.
DPM Prasad called for urgent reform in global development assistance, debt sustainability, and climate finance to address the crippling impacts of climate change and economic vulnerability in small island nations at the United Nations conference centre in Bangkok.
"At no time, outside of war, have economies faced contractions of 30 to 70 percent due to a single cyclone," he said, emphasising the extreme challenges that Pacific nations continue to face.
In preparation for the Fourth International Conference on Financing for Development (F4D), Professor Prasad outlined the urgent need for a shift in international policy, urging that development aid be better tailored to the specific needs of vulnerable countries.
"We must stop creating systems that bypass local governments and instead deliver aid that empowers nations to lead their own development," he asserted.
DPM Prasad also called on wealthy nations to meet their long-standing commitments, including the 0.7 percent GDP target for Overseas Development Assistance (ODA) by 2030, and pushed for more efficient climate finance.
"Climate finance must be delivered on scale and with urgency-because time is what we no longer have," he said.
DPM Prasad concluded by calling for a more equitable approach to global financial systems, one that recognises the unique challenges of small island states.
"The Pacific cannot afford to wait any longer," he warned, urging the international community to act decisively to safeguard the future of these vulnerable nations.
DPM Prasad called for urgent reform in global development assistance, debt sustainability, and climate finance to address the crippling impacts of climate change and economic vulnerability in small island nations at the United Nations conference centre in Bangkok.
"At no time, outside of war, have economies faced contractions of 30 to 70 percent due to a single cyclone," he said, emphasising the extreme challenges that Pacific nations continue to face.
In preparation for the Fourth International Conference on Financing for Development (F4D), Professor Prasad outlined the urgent need for a shift in international policy, urging that development aid be better tailored to the specific needs of vulnerable countries.
"We must stop creating systems that bypass local governments and instead deliver aid that empowers nations to lead their own development," he asserted.
DPM Prasad also called on wealthy nations to meet their long-standing commitments, including the 0.7 percent GDP target for Overseas Development Assistance (ODA) by 2030, and pushed for more efficient climate finance.
"Climate finance must be delivered on scale and with urgency-because time is what we no longer have," he said.
DPM Prasad concluded by calling for a more equitable approach to global financial systems, one that recognises the unique challenges of small island states.
"The Pacific cannot afford to wait any longer," he warned, urging the international community to act decisively to safeguard the future of these vulnerable nations.