Wednesday, May 29, 2024
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Fiji’s financial strategies discussed at UN meet

Fiji’s Assistant Minister for Finance, Esrom Immanuel, delivered a compelling address during the High-Level Dialogue for Financing for Development, shedding light on Fiji’s steadfast dedication to sustainable development and its pioneering financial strategies.

The statement outlined Fiji’s unwavering commitment to the Sustainable Development Goals (SDGs) and highlighted several key points:

Recognizing SDGs as Global Catalysts for Change: Fiji acknowledges the profound significance of the SDGs in driving positive change and sustainable development worldwide.

The 2030 Agenda is regarded as an essential blueprint for a harmonious and prosperous future.

National Commitment to SDGs: Fiji’s commitment to the SDGs is exemplified through its 2023-2024 National Budget, which places a strong emphasis on sustainable economic growth and development.

The Government is resolutely dedicated to promoting private sector economic revitalization and enhancing the well-being of low-income and vulnerable households.

Historic Sovereign Green Bond Issuance: Fiji has etched its name in history by becoming the first emerging economy to issue a sovereign green bond.

The funds raised through this groundbreaking initiative are channeled toward fortifying climate resilience in infrastructure, including community relocation and the sustainable harnessing of natural resources. Fiji’s sovereign green bond issuance underscores its responsible financial approach.

Adherence to Green Bond Principles: Projects funded by Fiji’s green bond strictly adhere to globally recognized Green Bond Principles, with a primary focus on bolstering resilience against the impacts of climate change.

Collaboration on Blue Bonds: Fiji is actively collaborating with the United Nations Capital Development Fund and the United Nations Development Programme to identify sectors for support in sovereign blue bond issuance.

This collaborative effort aims to bolster Fiji’s blue economy and foster private sector development.

Prioritizing National Debt Reduction: The new coalition Government of Fiji has identified national debt reduction as a top priority. Blue bonds and other responsible financial instruments are deemed essential for economic development while maintaining fiscal responsibility.

Emphasis on International Cooperation: Fiji underscores the paramount importance of international cooperation and collaboration in establishing mechanisms to access SDG finance models and providing capacity support to developing countries.

Such collaboration is pivotal for expediting affordable and accessible international public financing.

Building Resilience Amid Global Challenges: As a Small Island Developing State (SIDS), Fiji recognizes the imperative to diversify its economy and bolster socio-economic resilience in the face of global challenges, including pandemics, natural disasters, economic downturns, and conflicts.

Global Commitment to SDGs: Fiji remains firmly dedicated to the SDGs and extends a warm invitation to the global community for collaboration in achieving these ambitious goals.

The Minister said, Fiji is actively pursuing innovative financial strategies, including green and blue bonds, to support the SDGs and enhance its resilience to global challenges.

“Fiji understands the paramount importance of international cooperation in accessing SDG financing and stands resolute in its commitment.”

Reginald Chandar
Reginald Chandar
Head of News & Sports | news@fijilive.com

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