SUNBIZ

Pacific Island Countries Need to Learn from PFTAC

Pacific Island states must have an inbuilt ro­bustness in their econo­my to be able to respond to a single climatic event such as intense tropical cyclones. Attorney-General and Min­ister for
28 Mar 2018 10:25
Pacific Island Countries Need to Learn from PFTAC
From left: Governor National Reserve Bank of Tonga Governor Sione Ngongo Kioa, Attorney-General and Minister for Economy Aiyaz Sayed-Khaiyum and Pacific Financial Technical Assistance Centre co-odinator David Kloeden. Photo: Office of the Attorney-General.

Pacific Island states must have an inbuilt ro­bustness in their econo­my to be able to respond to a single climatic event such as intense tropical cyclones.

Attorney-General and Min­ister for Economy, Aiyaz Sayed-Khaiyum said climatic events like Tropical Cyclone Gita brings home the fact that years of development are overturned in a couple of hours.

While, addressing the Pacific Financial Technical Assis­tance Centre (PFTAC) Steer­ing Committee Meeting at the Pacific Islands Forum in Suva , he said it was best for Pacific Island states to learn from agencies like PFTAC and make the decisions in the best interest of their countries.

Mr Sayed-Khaiyum said as politicians and technocrats they need to factor issues such as climate change into their policy decisions and how it affects their economy and its ability to overturn years of development.

He noted that was a real­ity that they need to take into consideration.

He said many of them have encountered different chal­lenges that have made them to also rethink their policies.

Mr Sayed-Khaiyum also highlighted the challenges faced by state owned enter­prises and how various organ­isations and other agencies should help these institutions to be financially sound.

Reserve Bank of Fiji Gover­nor Ariff Ali and Fiji Revenue and Customs Services chief executive officer Visvanath Das were also in attendance.

The two-day meeting which ends today is attended by technical experts from the financial sector including multilateral agencies in the Pacific and heads of central banks and taxation authori­ties in the Pacific.

Feedback: maria.laqeta@fijisun.com.fj

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