Statement delivered by H.E. Nogui Acosta Jaen, Minister of Finance, Costa Rica
V20 MINISTERIAL DIALOGUE IX
16 October 2022
H.E. Nogui Acosta Jaen, Minister of Finance, Costa Rica
Thank you, sir. I am going to speak Spanish.
Throughout today’s discussions we have realized that our countries have two characteristics. First of all, they are being affected by climate change in a major way, but they also have to fight for development. Our populations are vulnerable, and they require much more resilient economies to be able to ensure that our development is based in a matrix of environmental sustainability.
With that in mind, the mobilization of resources is important not only to ensure fiscal sustainability of our economies and to give us the possibility of having adequate financing for the development, but that development also needs to be based on an environmentally sustainable economy. Which is why it has to do not only with the indebtedness capacity of the countries but also on the possibility that both the IMF and the World Bank help to establish specific, or to define specific characteristics of countries that protect the environment, allowing private capital to come to our countries and help with our development.
It is only through these kinds of mechanisms that we will be able to have adequate resources to ensure that our women and children, who are the most affected by climate change, have the opportunity to build their future.
And with that in mind, I also think that the actions taken by the International Monetary Fund with the Resilience Trust Fund, are going in the right direction. Because that is to give the countries or the economies sustainability always focused on the main subject, which is to ensure sustainability. That opens the doors for countries to have access to international markets and that private entities be the ones giving us financing.
However, we also have to ensure that these funds be more and that they be focused on the country’s capacity to go in that path, in that direction. Which is why any decisions to be made today have to show that we are giving an example and they have to be assessed in their proper dimension. We need to create development which is in peace with the environment. Thank you.