As part of the Forum Economic Ministers Meeting week, Forum members are gathering today for a series of Talanoa discussions to review updates on key agenda topics to be presented by Ministers later this week.
This morning’s discussions focused on the final draft of the Pacific Roadmap for Economic Development (PRED), a strategic plan designed to harness the economic potential of all Pacific Islanders and secure a prosperous future for the region.
FEMM, an annual assembly of the Finance and Economic Ministers of the Pacific Islands Forum, is being chaired in 2024 by Tonga’s Minister of Finance, Tiofilusi Tiueti.
The meeting is also attended by FEMM Technical Observers and the Council of Regional Organisation (CROP) agencies.
Forum Economic Ministers play a crucial role in advancing regional economic priorities and policies and advocating for these in both regional and international arenas. The Pacific faces vulnerabilities due to climate change-induced disasters and global conflicts, presenting broader human security challenges and new obstacles.
In this context, Ministers will address ongoing challenges and policy responses by Members to:
*Build economic, financial, and fiscal resilience
*Grow and diversify economies
*Support economic recovery efforts and future-proof Pacific economies
FEMM outcomes will inform Forum Leaders, who will meet in August in Tonga, about the economic development issues facing the region.
The Pacific Roadmap for Economic Development (PRED) will be considered, including its strategies, regional priority actions, economic implications, resourcing needs, and linkages to regional economic work in the short to medium term.
FEMM will also recommend the Pacific Resilience Facility (PRF) country of domicile to Pacific Forum Leaders for their decision and seek endorsement to delegate the finalisation of the PRF legal establishment and transitional arrangement to be convened at a Special FEMM recommendation.
The PRF is the first Pacific-owned and Pacific-led international development financing institution, mandated to provide financing for community climate and disaster resilience.
Discussions will include an update on the implementation of the Correspondent Banking Relationship Roadmap, including the inclusion of FSM, RMI, and Palau in the CBR Review study, next steps, and the outcomes of the Pacific Banking Forum.
Additionally, the World Bank Pacific Strengthening CBR Project will be discussed, aiming to address the challenges of de-risking and de-banking in the Pacific.
The Forum Economic Ministers Meeting (FEMM) will be held from 01-2 August in Suva, Fiji.
