Current global uncertainty may have financial implications on small island states in the Pacific – Prof. Prasad

The current global uncertainty as a result of tariff wars and geopolitical tensions may have significant financial implications on small island states in the Pacific if there is a significant global economic slowdown.

This was highlighted by Deputy Prime Minister and Minister for Finance Professor Biman Prasad while participating in a panel discussion at the Asian Development Bank Governors Seminar on Cross-Border Collaboration for Future Resilience during the ADB Annual Meetings in Milan.

Professor Prasad further called for a tailored approach to international relations and trade to ensure that vulnerable small island economies address adaptation strategies and build resilience to withstand periods of uncertainty.

He also highlighted that cross-border collaboration in the Pacific can take place through deeper and more meaningful regional integration as a region which includes visa-free travel and harmonisation of policies and laws to facilitate economic growth and promote regional projects that address cross-border challenges.

The high-level panel discussions included the Under Secretary of State from Finland, Mr. Pasi Hellman, the Minister of Finance from India, Nirmala Sitharaman, the ADB President, Masato Kanda, and the Treasury Director from Italy, Francesca Utili.