Kirisitiana Uluwai 
Minister for Finance, Professor Biman Prasad, while chairing the Commonwealth Finance Ministers Meeting
Fiji is in the process of issuing a sovereign blue bond, considering an SDG acceleration bond, and exploring debt-to-nature swaps in the near future.
This was revealed by the Minister for Finance, Professor Biman Prasad, while chairing the Commonwealth Finance Ministers Meeting on Wednesday at the margins of the 2023 World Bank and IMF Annual Meeting in Marrakech, Morocco.
Prasad raised the global risks most countries face, particularly the existential threat of climate change to vulnerable small states, and called on more urgent actions on the reform of the international financial architecture to address access to finance and debt sustainability issues.
Prasad stated that there are various proposals for the reform of the financial architecture.
He said that a small state has initiated a courageous move—the Bridgetown Initiative—calling for urgent and decisive action to address overlapping crises, and Fiji is rallying behind this initiative.
Commonwealth countries have been encouraged to pursue greater debt transparency.
As part of the preparation for the Commonwealth Finance Ministers Meetings, the Governor of the Reserve Bank of Fiji, Ariff Ali, chaired the Commonwealth Central Bank Governors Meeting, while the Permanent Secretary for Finance, Shiri Gounder, chaired the Commonwealth Senior Officials Meeting on Tuesday.
The preparatory meetings expanded on the Commonwealth’s call for the reform of the global financial architecture and also discussed mobilizing domestic revenue and tackling the high cost of debt.
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