Fiji has assumed the chairmanship of the World Bank’s Small States Forum at the International Monetary Fund and World Bank Annual Meetings in Bali Indonesia.
Following this the Fijian Government has pledged to continue its advocacy for climate action, accessible climate finance and oceans preservation.
Fiji will Chair the Small States Forum for a term of two years, leading a group of 50 countries, central bank governors, World Bank Group Management and partner organisations from the Commonwealth Secretariat, UNDP and International Monetary Fund to address pressing development challenges and opportunities for small states.
The Chairmanship was handed over to Fiji by the outgoing chair, Grenada.
Attorney‑General and Minister for Economy Aiyaz Sayed‑Khaiyum outlined Fiji's major priorities as Chair of the Forum stating that it is with a great deal of pride that Fiji assumes the chairmanship of the Small States Forum on the back of Fiji's concerted global campaigns across a broad front to address some of the most serious challenges facing small states all around the world.
Sayed-Khiayum says that Fiji believes in a World Bank that has a more comprehensive understanding of the difficulties small states face in accessing development finance.
He adds that the reality is 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.
Sayed-Khaiyum also stated that 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.
As Fiji's Governor, 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.
