|Progress Toward Outcome
Consultants are providing economic analysis and policy advice, and support for public financial management (PFM) reform and capacity building on a demand basis to policymakers in Pacific DMCs. Multiple missions in these areas have been fielded to the Cook Islands, Fiji, Republic of the Marshall Islands, Federated States of Micronesia, Nauru, Palau, Solomon Islands, Timor-Leste, Tonga, and Vanuatu. Support has also been provided by supporting the inputs of technical experts in particular fields related to economic policy and in fielding of resource persons (e.g., support for the establishment of a new Nauru Trust Fund).
TA has supported annual Pacific Update Conferences (co-sponsored with ADBI, the Australian National University, and the University of the South Pacific) and PNG Update Conferences (co-sponsored by the Australian National University and the University of Papua New Guinea). The project has also supported national level capacity building workshops, symposia, and other meetings on economic policy and PFM in selected Pacific DMCs (e.g., Palau economic symposium).
Work is ongoing on commissioned publications on trust funds in the Pacific and fiscal impact of disasters.
Consultants provided research, editing, and other assistance for flagship ADB publications such as the Asian Development Outlook and the Pacific Economic Monitor, and other Pacific Department publications. Consultants have also provided comments and occasional support for other ADB publications and projects related to the Pacific, including a joint PARD/ADBI study (launched in July 2015) and ADB-funded studies examining Pacific economic linkages with economies in other regions (particularly Asia) .
|Description of Project Outputs
Improved set of economic indicators produced and shared on a timely basis
Economic and public financial management policy advice provided
New or enhanced economic or financial models for Pacific DMCs
|Status of Implementation Progress (Outputs, Activities, and Issues)
Four issues of the Pacific Economic Monitor have been launched to date, two each in 2014 and 2015.
Supported the formulation of the Tonga Strategic Development Framework II (September October 2014) and Fiji National Development Plan (November December 2015), and the design and implementation of a value-added tax in Timor-Leste (June 2015 February 2016).
Missions/workshops to update/roll out models for long term fiscal forecasting and planning to Ministries of Finance and Central Banks in Pacific DMCs were conducted in cooperation with development partners (PIFS, PFTAC, PICPA). Workshops on macroeconomic forecasting and long-term fiscal planning convened in Suva, Fiji in December 2014 and gathered more than thirty participants from 10 Pacific DMCs. The TA cosponsored (with IMF-PFTAC) a workshop on Financial Programming Frameworks held in Nuku'Alofa, Tonga, in October 2015.
Reviewed and enhanced Debt Sustainability Analysis (DSA) worksheet for Vanuatu during a mission in January 2015.
Participated in the September 2015 meetings of the Joint Economic Management Committee and the Trust Fund Committees of the Republic of the Marshall Islands and the Federated States of Micronesia.
Supported the 2015-2016 macroeconomic assessment of the Cook Islands (October 2015 and February March 2016).
Advisory work is ongoing to help establish a new Nauru Trust Fund.