World Bank Group President Mr Ajay Banga presents Deputy Prime Minister and Minister for Finance Hon. Professor Biman Prasad a gift of appreciation after the bilateral meeting. [Source: Fiji Government/ Facebook]

Deputy Prime Minister and Minister for Finance Professor Biman Prasad says the Pacific’s Small Island Developing States face unique and specific development challenges.

While welcoming World Bank Group President Ajay Banga on a historic visit to Fiji, Professor Prasad noted that these challenges are often too difficult to convey in reports and presentations.

He expressed gratitude that Banga accepted the invitation and visited Fiji to witness firsthand the intense challenges the country faces.

Prasad highlighted that shipping costs are among the highest in the world, significantly affecting the region where populations are spread across many islands.

[Source: Fiji Government/ Facebook]

He invited World Bank teams to visit islands like Vatoa, Fulaga, and Rabi to observe the impact on development.

Prasad also pointed out that the costs of digital connectivity are among the highest globally, with concerning consequences.

He added that the distance from markets such as the US, Europe, China, and India affects the region’s ability to compete.

The Deputy Prime Minister noted that the region is the world’s most climate-vulnerable area, with some countries nearing total economic collapse.

He further highlighted that most Pacific states are losing skilled, technical, and professional workers.

Another concern raised by Professor Prasad is the growing cost of accessing global markets, which impacts Fiji’s sugar, kava, and other agricultural products, harming the livelihoods of farming and rural communities.