Statement delivered by H.E. Rindra Hasimbelo Rabarinirinarison, Minister of Economy and Finance, Madagascar
V20 MINISTERIAL DIALOGUE IX
16 October 2022
H.E. Rindra Hasimbelo Rabarinirinarison, Minister of Economy and Finance, Madagascar
Mr. Chair, Honorable Minister of Finance of Ghana, His Excellency Ken Ofori-Atta, Excellencies, Esteemed Colleague Ministers, Ladies and Gentlemen, we are now at a watershed moment in building resilience of most vulnerable countries. We are on our way to master the COVID pandemic after two years of economic slow-down, and yet we are already witnessing the impact of 2022 global energy crisis with its inflation wave around the world. The effect of the climate change on our populations and our economies is tricky.
You know that Madagascar is among those who suffers from famine itself due to climate damage. It is then crucial for us to address at the same time micro-financial risks that can undermine development policy, debt sustainability, fiscal space and many other dimensions. To demonstrate Madagascar’s strong commitment to this momentum, I hereby declare our country’s determination to realize the vision of Vulnerable 20, of catalyzing economic transformation of our member economies and achieving the climate prosperity by 2030.
It has been a pleasure for us to attend this V20 Ministers of Finance Group Dialogue to join our voice to all countries, to first call for actions from international finance community and banks, toward the more fundings and liquidities to deal with concerns due to growing external weather events and due to volatility of expense energy cost. And second, to always remind the international financial system that our voices matter and that we should be at the forefront of progress and action to address those challenges.
As we mentioned during the previous International Union for Conservation of Nature Congress, Madagascar is among those countries which are fiercely impacted by climate change and undergo climate injustice. We are indeed frequently hit by very hard cyclones, floods, and intense drought in the southern region. Yet these are the consequences of the production and consumption modes that are located thousands of kilometers from our country.
We need to mobilize investment and to protect the growth of our economy facing the systemic challenges of the climate crisis. Our core commitment is directed by the Emergence Plan of Madagascar called PEM which is the government of Madagascar’s strategic plan and sustainable development including climate. Malagasy state has started initiatives to alleviate the impact of climate change on our populations with our own budget but anyway we still need financial help for that. Initiatives that we create through Vulnerable 20 Group are then crucial since it ensures greater support and investment to mobilize and protect the growth of our economies.
Ladies and Gentlemen, Esteemed Colleagues Ministers, I could not express more how critical it is for us V20 member countries to collaborate actively and to stand with one voice and to deal with funding and liquidity climate issues. That’s the way for our country to enhance our resilience. I thank you for your attention.