SUVA, September 10, 2024 ¨CLeaders from across Pacific Island countries have called for a robust 21st replenishment of the World Bank¡¯s International Development Association (IDA21), echoing the call from African Heads of State who agreed in April on a bold transformation agenda with IDA as a cornerstone. Hosted by the Pacific Islands Forum Secretariat, leaders and representatives from 11 countries met with World Bank Group President Ajay Banga last week and reaffirmed IDA¡¯s critical role in supporting Pacific islands as they work to boost development and climate resilience.
IDA is the fund that provides grants and concessional finance to those most in need. IDA has a unique capacity to multiply every donor dollar four times to better deliver urgently needed impact. The fund is replenished every three years and in December donor countries will meet in South Korea to finalize this pledging period.
¡°If IDA21 meets the mark, the potential for positive change in the Pacific is enormous. With the right support, Pacific nations can build a transformative and resilient Pasifiki, for a prosperous future now, for generations to come,¡± Prime Minister of Tonga and Forum Chair Hu¡¯akavemeiliku said.
Leaders and representatives from Fiji, Federated States of Micronesia, Kiribati, Nauru, Papua New Guinea, Republic of the Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu discussed with Banga ways IDA21 can support the development priorities outlined in the Pacific Islands Forum¡¯s 2050 Strategy for the Blue Pacific Continent.
The Pacific¡¯s unique challenges include geographic isolation, limited infrastructure, and some of the world¡¯s most severe climate change impacts. The 18 countries of the Pacific Islands Forum are the custodians of nearly 20 percent of the earth¡¯s surface, putting the region at the frontline confronting climate change.
The Pacific Islands Forum¡¯s 2050 Strategy outlines a vision for a resilient and prosperous future, with a focus on climate, connectivity, and job creation. The success of the 2050 Strategy depends on enhanced cooperation, strong leadership, and participation at all levels of society in its implementation. Pacific leaders seek the broadest support possible across the region to ensure full ownership and accountability in delivering shared objectives.
Pacific leaders attending the meeting said IDA¡¯s concessional financing and expertise were crucial to implementing the 2050 Strategy and achieving their collective goals. IDA¡¯s significant contributions to the region include support for improved infrastructure and disaster resilience, enhancing digital connectivity and economic opportunities, and the recently approved Pacific Strengthening Correspondent Banking Relationships Project.
, leaders called for increased access to concessional finance and endorsed the Bank Group¡¯s ambition to channel 45% of its financing into climate-related activities. They also commended ongoing efforts to build a better, faster World Bank Group that gives clients easier access to financing, guarantees, and knowledge.
¡°That is why we call on IDA donors to ensure a strong and robust replenishment for IDA this year,¡± said Pacific Islands Forum Secretary General Baron Waqa. ¡°We look forward to strengthening our partnership with the World Bank Group and achieving our shared goals.¡±
While acknowledging the global economic headwinds facing many IDA donors, the leaders urged donors to recognize the pressing needs of vulnerable countries. This echoes the call made by African leaders at the Nairobi Summit in April 2024 for increases in real financial support to IDA countries.
