PM calls out for international financiers to provide direct financial assistance instead of loans

Prime Minister Voreqe Bainimarama has called on international financiers to provide direct financial assistance instead of loans to countries in need of their support.

While delivering his statement at the High‑Level Interactive Dialogue on Financing for Development on the theme “Financing the SDGs and Climate Action against Rising Debt Burdens”  Bainimarama says such a practise would enable affected countries to rebuild their economies sustainably.

He says when countries suffer from a climate disaster such as Fiji with Cyclone Winston or the Bahamas with Hurricane Dorian, rather than lending those countries money that simply perpetuates their debt spiral, they should be provided with direct financial assistance to enable them to rebuild their economies in a way that is more climate‑resilient.

He added due to a number of forces beyond their control, many countries classified as developing countries need to seek finance to fund the implementation of the Sustainable Development Goals.

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