ISTANBUL, TURKEY – During the International Monetary Fund (IMF) and World Bank Annual Meetings, and three weeks before the first Pacific Islands Forum Economic Ministers' Meeting (FEMM) since the global recession hit the world economy, the Assistant Treasurer, Senator Nick Sherry, has convened another round of the informal dialogue with Pacific Economic Ministers.
First initiated by Australia at the 2008 Asian Development Bank (ADB) Annual Meetings, and continued at the 2009 ADB, the informal group discussions presented an important chance for regional Economic and Finance Ministers to discuss the issues facing Pacific economies in an open environment that assists the formal FEMM process.
"Over the last few days I have held bilateral talks with seven Ministers from nations of the Pacific Islands Forum, of which Australia is the current Chair. This morning we continued an important informal group economic dialogue," said the Assistant Treasurer.
"The global recession has impacted on Australia and the Rudd Government has responded with early and decisive action to stimulate our economy."
"The Pacific has also been hit very hard by this global recession, at a time when several key Pacific economies were turning the corner and making real gains."
"Inbound tourism has fallen sharply, as have money remittances. Export demand from the Pacific has faded considerably and government revenue across the region has been badly affected."
"But today, as a group of economic-focused Ministers, we reaffirmed our collective commitment to continue the reform efforts that had begun to pay real dividends before the crisis hit."
"For example, the work in Vanuatu's telecommunications sector in the last few years has completely reshaped their communications market – more people have mobiles and the charges are much lower."
"Australian technical assistance played a critical role in this reform program and it's just this kind of real microeconomic reform that improves the lives of people in the Pacific. Today we collectively committed to keeping the reform program moving despite the global recession."
"Later this month I will attend the Pacific Islands Forum Economic Ministers' Meeting in the Cook Islands where I will report to Pacific Economic Ministers on the recently signed Cairns Compact and where we will continue this dialogue."
In addition to today's informal Pacific dialogue, the Assistant Treasurer has held bilateral talks with Kerai Mariur, Vice President and Minister for Finance, Palau; Snyder Rini, Minister for Finance and Treasury, Solomon Islands; Sela Molisa, Minister for Finance, Vanuatu; Jack Ading, Minister for Finance, Marshall Islands; Lotoala Metia, Minister for Finance, Tuvalu; Afu'alo Matoto, Minister for Finance, Tonga; Natan Teewee, Minister for Finance, Kiribati; and Sir L. Wilson Kamit, Governor of the Bank of Papua New Guinea.
The Assistant Treasurer has also held talks on Pacific economic issues with key figures from the World Bank, IMF and ADB.