Kreetika Kumar 
Deputy Prime Minister and Minister of Finance, Professor Biman Prasad called for urgent reform in global development assistance, debt sustainability, and climate finance
The Pacific Islands are facing an existential crisis, and the world must act now or risk losing entire nations.
Deputy Prime Minister and Minister of Finance, Professor Biman Prasad, issued this warning in a powerful speech at the High-Level Regional Consultation on Financing for Development in Asia and the Pacific.
Professor 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.
In preparation for the Fourth International Conference on Financing for Development, 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.
“So transforming the international financing architecture is very important. The Fourth International Conference on Financing for Development must support a significant increase in concessional financing that is rooted in vulnerability rather than debt level.”
He adds that countries must stop creating systems that bypass local governments and instead deliver aid that empowers nations to lead their development.
Professor 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.
