Friday 10th March, 2023--A new Pacific Economic sub- Committee set up by Pacific nations will aim to streamline follow up work to Forum Economic Ministerial Meetings. The Pacific Economic Subcommittee, or PESC, will use collective knowledge, expertise, and insights to support a prosperous Pacific.
Senior officials of the committee met earlier this week at the inaugural meeting of the PSEC chaired by Vanuatu’s Acting High Commissioner to Fiji Ms Viran Brown.
Forum Economic Ministers meeting (FEMM) had decided at their 2022 meeting they needed a single central platform to drive regional economic strategy formulation, coordination, and implementation of FEMM decisions, particularly in the context of ensuring a consolidated regional approach under the 2050 Strategy for the Blue Pacific Continent
This committee is the continuity of the former COVID-19 Economic Recovery Taskforce. One of the crucial roles of the committee will be development of the Pacific Roadmap for Economic Development (PRED). This will ensure pathways to economic development are realistic, home-grown, and designed for the Pacific.
Welcoming members to the inaugural session, PIFS Deputy Secretary General, Dr Filimon Manoni noted the priorities and challenges for group, as Forum members prioritize economic recovery and growth post-COVID19. “The outlook for the region continues to appear gloomy and whilst the current challenges exist, the fear of not knowing when the next disaster or pandemic will occur necessitates the need to accelerate recovery mechanisms that build our resilience and prepare us for the future,” he said.
The committee will explore regional solutions to enhance the Pacific’s capacities to future proof and mainstream shocks and uncertainties while being aware of national contexts.
Adding her support during the meeting, PESC Chair Brown commented, “We have an opportunity to use our collective knowledge, our expertise and our insights from current challenges to reorient and establish meaningful and realistic economic pathways to realize our Leaders vision for a prosperous Pacific through the development of the Pacific Roadmap for Economic Development.” —ENDS
Contact: Lisa Williams-Lahari, PIF Public Affairs, email@example.com