Pacific Urged to Strengthen Economic Resilience as Global Pressures Mount

The Minister for Finance, Hon. Esrom Immanuel, has called on Pacific Island countries to deepen reforms, strengthen institutions, and invest in long-term resilience as the region faces increasing global uncertainty and climate-related challenges.

Speaking at the PFTAC Steering Committee Meeting held at the Holiday Inn in Suva yesterday, the Minister highlighted the mounting pressures from rising energy and commodity prices, persistent inflation, and disruptions to global supply chains.

He noted that these challenges are placing significant strain on household incomes, government budgets, and economic growth across the region.

The Minister underscored the importance of strong institutions in navigating these challenges, acknowledging the critical role played by the Pacific Financial Technical Assistance Centre (PFTAC) over the past 33 years.

He commended development partners, including the European Union and the Republic of Korea, for their increased support, which has expanded PFTAC’s capacity to deliver technical assistance across member countries.

“The Pacific may be a region of small economies, but together we face some of the world’s biggest challenges. Strengthening our institutions is not optional — it is essential to securing a more resilient and sustainable future for our people,” Minister Immanuel said.

He also encouraged member countries to reaffirm their commitment to PFTAC through timely contributions, emphasizing that ownership and partnership are key to the Centre’s continued success.