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The Forum Economic Ministers are poised to address the region’s economic challenges in this weeks regional gathering.
The Forum Economic Ministers Meeting (FEMM) is convening at the Pacific Islands Forum Secretariat in Fiji for its annual gathering this week. The 2023 FEMM holds critical importance as it provides Pacific Finance and Economic Ministers with an opportunity to collectively address key economic challenges facing the region. These challenges are exacerbated by current global volatility, shared vulnerability to external shocks, and climate-induced disasters. Among the topics on the agenda are the rising cost of living, the lingering effects of COVID-19 on public debt and unemployment, labor mobility and brain drain issues, as well as access to sustainable financing mechanisms.
This year’s FEMM theme, “Our Pacific Way – Prosperity for All,” underscores the commitment of Economic Ministers to strengthen policy cohesion on regional economic priorities, challenges, and opportunities. Aligned with the 52nd Forum Leaders meeting theme, “Our Voices, Our Choices, Our Pacific Way: Promote, Partner, Prosper,” the FEMM theme emphasizes the unique approach of the Pacific Way, characterized by mutual respect, inclusivity, and consultative processes for economic growth.
A focal point of discussions will be the Pacific Resilience Facility (PRF), a Forum Leaders initiative designed to provide regional disaster risk resilience support and potentially facilitate Loss and Damage funding. The expressions of support from Australia, New Zealand, and the United States for the establishment of the PRF have been well-received, and there are hopes that other Forum Dialogue Partners will also extend their backing to this flagship resilience facility.
Another significant topic will be an update on the 2050 Strategy Implementation Plan, building on the momentum from the Vanuatu Ministerial in 2022. The Resources and Economic Development thematic pillar of the 2050 Strategy, endorsed by Forum Leaders in Fiji in 2022, has undergone comprehensive consultations leading up to its debut at FEMM 2023.
Forum Secretary-General Henry Puna emphasized the focus on prosperity and wellbeing for the Pacific peoples within the context of the 2050 Strategy Implementation Plan. He highlighted the importance of the planned Pacific Roadmap for Economic Development (PRED) to realize the economic aspirations of the 2050 Strategy. Puna stressed that this work is crucial to ensuring tangible benefits for the people of the region and to uphold commitments made by Economic Ministers.
Given the thematic emphasis on “Our Pacific Way – Prosperity for All” and the forthcoming Forum Leaders meeting in the Cook Islands, Secretary-General Puna expressed anticipation for the presence of Hon. Mark Brown, Prime Minister of the Cook Islands and Chair of the 52nd Pacific Islands Forum Leaders Meeting, at the FEMM sessions in Suva.
In addition to engaging with private sector representatives, civil society leaders, and youth through a public-facing lecture event, Forum Economic Ministers will delve into preparatory talks on the Pacific Roadmap for Economic Development (PRED) and the Pacific Resilience Facility (PRF). They will also participate in a workshop on Correspondent Banking Relationships and support the launch of the World Bank’s 2023 Pacific Economic Update.
Amidst the significant global challenges such as the conflict in Ukraine, rising living costs, and supply chain disruptions, the agenda for FEMM includes ambitious efforts to address the 2050 Strategy, climate change, and disaster risk financing. These collective actions are geared toward fostering regional political collaboration and steering the Blue Pacific region toward sustained long-term economic prosperity.
Source: PIFS
