Regional efforts to strengthen banking connectivity, improve public financial management and deepen development partnerships were advanced during a series of meetings hosted by the Pacific Islands Forum Secretariat (PIFS) last week.
The fifth meeting of the Pacific De-Risking Group, held at the Forum Secretariat and online on 24 July, brought together members and development partners to review progress in strengthening correspondent banking relationships and financial connectivity across the Pacific.
Co-chaired by Governor of the Central Bank of Solomon Islands, Dr Luke Forau, and World Bank Division Director for the Pacific Islands, Tatiana Proskuryakova, the meeting assessed implementation of the Pacific Correspondent Banking Relationships Roadmap.
The Pacific De-Risking Group provides strategic oversight of the roadmap, coordinating regional and global de-risking initiatives, monitoring progress, addressing implementation challenges and supporting Pacific Island countries in developing practical solutions.
Discussions focused on the Pacific Payments Mechanism Feasibility Study, correspondent banking service providers, payment systems, Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) support, and improving coordination among development partners.
Members also endorsed the establishment of a Development Partners Working Group to support the Pacific Payments Mechanism feasibility study and ensure assistance is coordinated, practical and aligned with Pacific priorities.
The Pacific Strengthening Correspondent Banking Relationships Project, implemented by PIFS with funding and technical support from the World Bank, supports efforts to keep Pacific countries connected to secure and reliable international banking and payment systems.
In a separate meeting on the same day, the second Public Finance Management (PFM) Regional Coordination Mechanism meeting was held virtually and hosted by the Forum Secretariat.
Chaired by Ayako Yamaguchi-Eliou, Secretary of the Ministry of Finance, Banking and Postal Services of the Republic of the Marshall Islands, the meeting reviewed outcomes of the 2026 Forum Economic Ministers Meeting held in the Marshall Islands and considered the PFM Regional Coordination Mechanism work programme for 2026–2027.
The coordination mechanism was endorsed by Forum Economic Ministers in 2024 to strengthen technical assistance and capacity building in public financial management across Pacific Island countries.
Meanwhile, Pacific Islands Forum Secretary General Baron Divavesi Waqa met with Asian Infrastructure Investment Bank (AIIB) President Zou Jiayi at the Forum Secretariat.
Welcoming President Zou and her delegation on their first visit to the Secretariat, Secretary General Waqa reaffirmed the Forum’s commitment to partnerships with multilateral institutions, including the AIIB.
The meeting discussed infrastructure investment, regional connectivity, economic resilience, private sector development and the impacts of climate change across the Pacific.
