Finance Minister Mahat advocates global economic stability and climate action at AIIB meeting in Egypt

KATHMANDU: In a significant development, Nepal’s Finance Minister, Dr. Prakash Sharan Mahat, played a pivotal role during the eighth annual meeting of the Asian Infrastructure Investment Bank (AIIB) held in Sharm El Sheikh, Egypt. Dr. Mahat represented Nepal at the meeting and assumed the esteemed position of Governor for the AIIB, signifying the nation’s active participation in this international event. Notably, this gathering drew the attendance of 86 member nations of the bank.

During his tenure as Governor, Dr. Mahat actively participated in the Governors’ Business Round Table discussions, where he delivered a keynote speech. In his address, he focused on critical global economic issues while providing insights into Nepal’s stance on these matters.

He underscored the paramount importance of maintaining global economic stability in the discussion. Mahat emphasized the necessity for nations to collaborate and harmonize their efforts to ensure a stable and resilient global economic landscape. Such stability, he argued, serves as the cornerstone for sustainable economic growth and prosperity.

Mahat also highlighted the pressing need to address climate change and its far-reaching consequences. Dr. Mahat acknow ledged the vulnerability of countries like Nepal to the adverse effects of climate change, which encompass extreme weather events and environmental degradation. In response, he called upon multilateral development banks, including the AIIB, to take a lead role in providing financial support and innovative solutions to combat these challenges.

Furthermore, Mahat stressed the need for robust financial resources to effectively confront climate change. He emphasized that such resources are indispensable for a range of initiatives, including job creation, the promotion of green infrastructure, widened access to financial assets, the advancement of technology, and bolstering disaster risk management in developing nations.

In an additional note, Dr. Mahat placed particular emphasis on the development of equitable mechanisms for carbon trade policies. He urged developed economies to reconsider their carbon pricing mechanisms, with the goal of ensuring fairness and equity in addressing climate change.