Access to climate finance in the Pacific region slim: IMF

February 26, 2024 5:02 pm

IMF Deputy Managing Director Dr Bo Li [Source: Fiji Government/Facebook]

Climate finance for the region will be discussed at the International Monetary Fund Pacific Islands High Level Conference underway in Nadi.

IMF Deputy Managing Director Dr Bo Li says they will begin tomorrow’s program by addressing climate finance for adaptation and mitigation in Pacific Island countries.

He says that Pacific Island nations, known for their vulnerability to climate-related disasters, are facing immense challenges in accessing adequate financing for climate resilience efforts.

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Dr Li states that while the needs are enormous, access to climate finance remains slim.

He emphasizes the importance of bolstering financial mechanisms to support Pacific Island countries in their endeavors to combat climate change and its adverse effects.

“With development partners, donors and wide group of international organizations, we will discuss how we can work together to mobilize more climate finance for this region.”

In addition to climate finance, the conference will delve into the realm of digital money, a topic of increasing interest among policymakers in the region.

Dr. Li notes the varying stages of exploration among Pacific Island nations regarding the utilization of digital money and its potential benefits.

He highlights its role in reducing financial service costs, enhancing financial inclusion, and addressing challenges related to correspondent banking relations.

Dr Li adds that as they tackle each of these challenges, the IMF remains a reliable partner.