Ramofafia calls for reforms to address financial gap faced by small Islands and least developed countries

Solomon Islands call for urgent reforms and greater commitment at the Fourth International Conference on Financing for Development (FFD4) to address the financing gap and challenges faced by Small Islands Developing States (SIDs) and Least Developed Countries (LDCs).

Minister for National Planning and Development Coordination and MP for Fataleka, Hon Rexon Ramofafia, urged the international community to take decisive action to bridge the financing gap and reform the global architecture to better support SIDS and LDCs.

“Greater commitment, flexibility and innovative approaches to global financial architecture are necessary to turn ambition into action and honour the promises made to our people and our planet,” Minister Ramofafia said.

Minister Ramofafia delivered the statement at the Fourth International Conference on Financing for Development (FFD4), where he is leading the Solomon Islands delegation.

The conference brings together world leaders, development partners, and institutions to respond to one of the most urgent issues of our time — how to close the widening development finance gap.

In his remarks, Minister Ramofafia reminded the international community that for Small Island Developing States like Solomon Islands, development is not just about numbers on paper. 

It’s about people. He said SIDS continue to face deep-rooted challenges — from geographic isolation to the growing impacts of climate change — and these challenges require financial systems that are fair, responsive, and grounded in today’s realities.

He called for reforms in global financing rules, particularly to ensure that countries like Solomon Islands are not left behind because of outdated income classifications. 

He urged global institutions to adopt the Multidimensional Vulnerability Index, a tool that takes into account the actual risks and weaknesses faced by countries, not just their income levels.

Minister Ramofafia also emphasized that while Solomon Islands is committed to doing its part through national reforms — including public sector and tax reforms, human capital development, and stronger governance — it cannot do this alone. 

He highlighted the need for sustained partnerships to invest in infrastructure that can withstand climate shocks, and to create opportunities for rural communities, where most of the country’s population lives and works.

The Minister noted that the informal economy — made up of smallholder farmers, locally-owned businesses, and resource owners — forms the backbone of Solomon Islands. He said any meaningful financing strategy must include these voices and realities, and that digital inclusion must be part of the solution so that rural Solomon Islanders can access markets and financial services.

He concluded by calling for global cooperation that is rooted in trust and shared responsibility. “Seville is not the end point. It’s part of the journey to rebuild global trust and to finance a future that leaves no one behind. The time to act is now,” he said.

The Fourth International Conference on Financing for Development (FFD4) is a major global meeting that brings together governments, development banks, the private sector, civil society, and international organisations to find practical solutions to one of the world’s biggest challenges: how to finance sustainable development.

FFD4 continues in Seville until 3 July 2025

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Prime Minister’s Press Secretariat