Senator Nick Sherry, Minister for Superannuation and Corporate Law and the Hon Bob McMullan, Parliamentary Secretary for International Development Assistance, have today convened a dialogue with Treasury and Finance Ministers from across the Pacific whilst at the Annual Meetings of the Asian Development Bank (ADB) in Bali, Indonesia.
The informal dialogue, part of the Rudd Government's ongoing engagement with the Pacific region, addressed Pacific concerns over the impact of the global recession.
"Prime Minister Rudd has stressed that Australia is fully engaged with the Pacific region, and this is particularly critical as the global recession impacts on both Australia and our Pacific Island neighbours,"; Minister Sherry said.
"Today's dialogue is the second year Australia has coordinated such an event at the ADB and it will be an important ongoing feature in our regional dialogue on economic and finance issues,"; Minister Sherry said.
"The Pacific is not immune from the impacts of the global recession – with the effects of lower commodity prices, tourism and remittances impacting upon the region. Pacific Island Ministers today agreed that we all need to respond through responsible fiscal policy measures, ensuring the public spending is effective and by progressing micro-economic reforms,"; Minister Sherry said.
"Today we also discussed Australian-supported development assistance measures underway across the region, through regional organisations and through the Pacific Partnerships for Development,"; Mr McMullan said.
"The Pacific Partnerships for Development are central to Australia's new engagement with the Pacific. Australia committed itself in the Port Moresby Declaration to genuine partnership with Pacific island countries to realise better development results for the people of the Pacific region,"; Mr McMullan said.
"The Partnerships provide a framework for Australia to commit jointly with Pacific Partners to make more rapid progress towards achieving the Millennium Development Goals and other development objectives, and to respond effectively to the impacts of the global economic crisis,"; Mr McMullan said.
"Building on today's discussions, Australia is working with New Zealand to take a joint report analysing the impact of the global recession on Pacific island countries to the Pacific Island Forum Leaders' Meeting in Cairns in August. Ongoing discussions between now and the Forum will help ensure Australian support continues to be well targeted in responding to the global recession,"; Mr McMullan said.
The Rudd Government also reconfirmed its commitment to ongoing Treasury technical assistance programs.
Minister Sherry and Parliamentary Secretary McMullan hosted the dialogue with the Hon Ryke Solomon, Member of Parliment, Nauru; the Hon Kerai Mariur, Vice President and Minister of Finance; Palau; the Hon Patrick Pruaitch, Minister for Treasury and Finance, Papua New Guinea; the Hon Nickel 'Niko' Lee Hang, Minister of Finance, Samoa; the Hon Snyder Rini, Minister for Finance and Treasury, Solomon Islands; the Hon Lotoala Metia, Minister of Finance, Tuvalu; and the Hon Sela Molisa, Minister for Finance and Economic Management, Vanuatu.
Minister Sherry has also held bilateral discussions today with the Hon Ms Emilia Pires, Minister of Finance, Timor-Leste.