Attorney General and Minister for Economy, Aiyaz Sayed-Khaiyum says the growing severity of the climate threat has driven us into a complex and challenging landscape.
Sayed-Khaiyum highlighted this at the 73rd Plenary of the Boards of Governors of the World Bank Group and International Monetary Fund held in the US.
The Attorney General says we cannot build stronger bridges, bury electrical cables or relocate entire communities with the expectation of immediate financial payoffs.
He says these are investments that will be of long term durability, stability, and sustainability into our economies.
Sayed-Khaiyum adds that the changing weather patterns diminished agricultural output and food security
He says if we show the courage and the creativity to evolve the growing framework, then there are opportunities that are waiting to be unlocked.
Sayed-Khaiyum says in the case of small island states, tragedy has taught us that economic development and climate resilience must be one and the same.
He says the investment that is made in adaptations saves lives and the cost of continuous rebuilds, granting the economy the resilience to bounce back after climatic events without restarting and re-charting our progress.
Sayed-Khaiyum says the World Bank Group and the IMF must keep those realities top of mind when re-designing finance frameworks.
The Minister also urged the Ministers of Finances present at the 73rd Plenary of the Boards of Governors of the World Bank Group and International Monetary Fund event, to bring innovation to conversations.
