Forum Economic Ministers consider options for development financing

The 19th meeting of the Forum Economic Ministers was held in Rarotonga, Cook Islands on the theme “Building Public- Private Partnerships as a Catalyst for Economic Growth”, on 29 October.

The Framework for Pacific Regionalism and the role of the Economic Ministers in implementing the regional priorities; Public-Private Partnerships; and Financing for Development were some of the key issues discussed by the Ministers.

The Forum Economic Ministers agreed to consider policy options to enhance and support the private sector through Public-Private Partnerships to promote enterprise development and enhance economic growth.

 Forum Economic Ministers

Forum Economic Ministers meet in Rarotonga, Cook Islands on the 29th October.


Given the Forum Island Countries’ (FICs) vulnerability to economic shocks and natural disasters, and increasing demand for development finance, the Economic Ministers considered new financing options.

The Economic Ministers explored options for mobilising regional savings for a regional investment facility and ways to improve public and private finance, and financial infrastructure development. Development finance was identified as a means to cushion vulnerability and build economic resilience of FICs.

Ministers acknowledged and supported the convening and reporting role of the Forum Secretariat in relation to the Joint Fisheries Task Force, endorsed by the Leaders to lead the development of a programme to increase the sustainable economic returns of fisheries.

The Ministers welcomed Australia’s offer to assist FICs to access global funds for climate change assistance and also thanked the Government of Japan for its support to the Pacific Catastrophe Risk Insurance Pilot (PCRAFI) Facility. The Ministers agreed to establish a PCRAFI Facility in the form of a Trust to provide disaster and climate risk insurance, to be created as an independent legal entity. Ministers called on development partners to provide the necessary funding to allow for the establishment of the Facility, in particular, Germany and other G7 member countries to provide financial support under the G7 Climate Risk Insurance Initiative.

The Forum Economic Ministers met with the Forum Trade Ministers and regional Private Sector representatives on 30 October to discuss ways of supporting the development of the private sector in the FICs.

Useful Links:
2015 Forum Economic Ministers Meeting (FEMM) - Action Plan

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