Fiji has assumed the Chairmanship of the World Bank’s Small States Forum today.
The government has pledged to continue its advocacy for climate action, accessible climate finance and oceans preservation.
Attorney-General Aiyaz Sayed-Khaiyum says this chairmanship will build on the Fijian Presidency of COP23 and our co-hosting of the UN Conference on Oceans.
Sayed-Khaiyum says Fiji believes in a World Bank that has a more comprehensive understanding of the difficulties small states face in accessing development finance.
He adds we do not have the economies of scale enjoyed by larger countries to access finance, and the current rules, procedures and arrangements of the World Bank are built to serve those larger nations, leaving small states in a difficult position.
Fiji will work closely with other small states, development partners and the World Bank to respond with greater agility and flexibility to open up flows for finance that can assist small states to climate proof economies before a disaster strikes, rather than in the aftermath.
Fiji will Chair the Small States Forum for a term of two years, leading a group of 50 countries, central bank governors and World Bank Group Management and partner organizations from the OECD, Commonwealth Secretariat, UNDP and IMF to address pressing development challenges and opportunities for small states.
The Attorney-General will also Chair the joint IMF and the World Bank Board of Governors meeting at the Annual Meetings in Washington DC in October 2019.
