Minister highlights region’s vulnerabilities

DEPUTY Prime Minister and Minister of Finance Professor Biman Prasad says that globally, one in 10 climate disasters in small island states involve the destruction of more than 30 per cent of their gross domestic product (GDP).

He told delegates of the International Monetary Fund highlevel meeting attending a welcome dinner in Nadi on Monday evening that the Pacific region’s use of the term “vulnerability” was not to convey any average threat arising from climate change, but the combination of vulnerabilities that now threatened the very existence and stability of our societies.

“When we Pacific islanders talk about vulnerability, we want to convey to the world that this is of an existential nature,” Prof Prasad said.

“The Pacific must adapt. This is the development imperative of our time. This is our survival imperative.”

Prof Prasad informed delegates that no Organisation for Economic Cooperation and Development (OECD) country aced such a scale of economic loss from a single climate event.

He said such was the most basic fact that development partners persistently failed to understand.

“Outside of World War II, none of our development partners have had to face 50 per cent losses to their GDP,” the professor said.

“Vanuatu has faced this twice within this decade.

“This is why we say, small island states make a special and unique case for climate and for development financing — unique here does mean uniqueness in relation to small island states in a precise way.”

Prof Prasad acknowledged the support of Australia towards the reconstruction of nine schools destroyed by Cyclone Yasa in 2020.

“Rebuilding and recovery take time — years and sometimes even decades,” he said.

“Ministers of finance amidst us will tell you that much humanitarian and recovery efforts are funded through our national budgets. This is done so by redeploying funds.

“As my fellow ministers from the region will tell you, redeployment always involves taking resources away from other development priorities, always. And nothing gives, we still have to maintain our education services; we still have to maintain our health services.”