Financing the SDGs in the Pacific Islands: opportunities, challenges and ways forward
Mobilizing adequate financing for sustainable development will be a challenge for all countries, but will be particularly difficult for Pacific Small Island Developing States where financing needs for sustainable, climate-sensitive development are estimated to be among the highest in the world when measured as a proportion of national output. They are also set to rise with the predicted impacts of climate change. UNDP’s report explores what financing for development currently looks like in the Pacific and analyzes the steps countries have already taken to mobilize different sources of development finance and to strengthen the effectiveness of public expenditures. It asks whether there are opportunities to leverage innovative finance. Are there lessons learned from other countries, in particular other Small Island Developing States (SIDS)? How can Pacific island countries and their development partners make sure that finance can be absorbed and made truly transformative, and is supplied on terms and conditions that are appropriate for small vulnerable economies? The report is informed by a questionnaire survey issued to Pacific SIDS which sought to explore their experiences with various forms of finance, understand successes and challenges, and identify countries’ priorities for the future.