Kreetika Kumar 
[Photo Credit: Ministry of Finance/ Facebook]
Pacific faces increased vulnerability due to the inherent nature of small island states and financial challenges such as the correspondent banking relationships which have left Pacific countries locked out of the global financial system.
This has been highlighted by Deputy Prime Minister and Minister for Finance, Professor Biman Prasad, during the 2nd Japan-Pacific Finance Ministers’ Meeting held on the margins of the ADB Annual Meetings in Milan.
Professor Prasad called for a tailored approach from Japan to ensure that global financial standards take into account the unique vulnerabilities of Pacific nations.
Deputy Prime Minister and Minister for Finance, Professor Biman Prasad.
He also expressed gratitude to the Government of Japan for its strong development partnership with Fiji, particularly through various concessional financing arrangements.
He called for increased commitment from Japan to help Pacific countries tackle their unique development challenges which require more than traditional financing given the escalating impacts of climate change and increasing global uncertainty.
The meeting brought together Pacific Island Finance Ministers to discuss critical development issues with the Japanese Minister for Finance Katsunobu Kato.
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