Progress to Reduce Debt Levels in Region

The progress to reduce debt levels in the region affects climate finance.

International Monetary Fund department director Krishna Srinivasan made the remarks at the roundtable talks at the Pacific Islands High-Level Conference.

“As we’ve seen, this is not just true of the best-developed countries, the world over,” he said.

Mr Srinivasan said resilience across many countries in the region was limited.

“Don’t provide blanket support because that just increases your debt levels,” he said.

From left: International Monetary Fund (IMF) deputy managing director Bo Li, Minister for Finance Biman Prasad, IMF department director Krishna Srinivasan, and IMF chief for Fiji, Asia and Pacific department, Marshal Mills. Photo: Waisea Nasokia

Minister for Finance Biman Prasad said they are all on the same page.

“Whether you talk about Pacific Island or talk about international organisations, it is pleasing to hear and know that we don’t have any wild disagreements as to a couple of issues concerning climate finance,” he said.

“I think there is a good understanding of the issues, whether it’s an existential threat to the Pacific Island countries, or whether it has to do with the frequency of extreme climate events, resulting in massive losses to the economy in terms of our GDP.”

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