SUVA, FIJI – Improved fiscal management will help Pacific island countries achieve sustainable, economic growth, according to delegates at a regional workshop jointly organized by the Asian Development Bank (ADB).
The Fiscal Management Modeling Workshop, held in Suva this week, was attended by Permanent Secretaries and senior officials from Ministries of Finance from six Pacific island countries, including Fiji, Republic of Marshall Islands, Solomon Islands, Tonga, Tuvalu, and Vanuatu, as part of ADB’s Pacific Economic Monitor technical assistance, in cooperation with ADB’s Pacific Sub-Regional office (SPSO). The workshop was co-sponsored by the University of South Pacific’s Pacific Island Centre for Public Administration and the Pacific Financial Technical Assistance Centre of the International Monetary Fund.
The workshop developed new tools for administering Pacific countries’ public financial management and provided advice to Pacific government officials to help them improve fiscal management and planning in their countries. One of the expected outcomes of the workshop is the establishment of operational fiscal management plans for each of the Pacific countries attending the workshop.
“Fiscal management is one of the main challenges facing small developing economies in the Pacific region. The relatively simple models being developed at the workshop are valuable tools for informing policy makers about the long-term fiscal implications of their policy choices,” said Christopher Edmonds, Senior Economist from ADB’s Pacific Department.
Participants shared their knowledge and experiences on efforts to strengthen management of public finances. The workshop also provided the opportunity for participants to consider new economic policy choices that may shape countries’ fiscal outcomes and work together to implement good practices in fiscal management.