Members, Our Voice, Statements

Statement delivered by H.E. Rindra Hasimbelo Rabarinirinarison, Minister of Economy and Finance, Madagascar

Statement delivered by H.E. Rindra Hasimbelo Rabarinirinarison, Minister of Economy and Finance, Madagascar

V20 MINISTERIAL DIALOGUE XII

16 April 2024
Washington D.C., USA

H.E. Rindra Hasimbelo Rabarinirinarison, Minister of Economy and Finance, Madagascar

[Transcript – Video Recording]

Mr. Chair, Honorable Finance Minister of Ghana and V20 Chair, His Excellency Mohammed Amin Adam. Excellencies, esteemed colleague ministers, Mrs. Managing Director [of IMF] Kristalina Georgieva, Mr. President of the World Bank, Ajay Banga, ladies and gentlemen.

Many conferences, meetings, workshops, and travels have already been carried out on climate issues for those last years. Yet, intense-stilled actions and vulnerable countries such as Madagascar keep on counting catastrophes, victims and economic losses. Achieving SDGs by 2030 could be compromised by [an] inflexible global structure, and inflexible financial system, facing the changing world characterized by shocks, wars, energy transition, fossil fuel phase-out, and climate change.

Climate change is indeed a fact that we have to cope with. As you may know, in March of this year, Madagascar has just been hit by a cyclone with a heavy impact on schools, roads, and paddy field destruction: the Cyclone Gamani. That kind of event is getting more intense and frequent with increased economic losses. For Madagascar, the National Determinate Contribution shows that building sustainable development and fighting against poverty are the main pillars in fixing the harmful effects of global warming, and these require more funds. But, so far, we are making a choice between funds for development and funds for reconstructions after [a] disaster. And we think it’s not fair to make such a choice. We want then to join our voice in V20 and act in all countries to ensure the world economy fit for [the] climate. The implementation of the Accra-to-Marrakech Agenda and the reform of the international financial system are crucial, as they could allow easier access to resources for financial sustainable development as recommended in the previous COP28.

The Government of Madagascar states its development strategy on three main pillars: human capital, industrialization and economic transformation, and governance. And the development issues which I have mentioned previously, are the core of our challenges in building an inclusive and resilient economy. We are currently developing a Climate Prosperity Plan with the CVF-V20 to foster the development investment for multilateral financers and private sectors, and negotiating with IMF’s Resilient Sustainability Trust.

Ladies and gentlemen, I could not express more to bring it to the summit, such as these Spring Meetings on concerns regarding climate-related investment and the importance for us, vulnerable countries, to gather our voices.

Thank you for your attention.

[END]