“Pacific Resilience: World Bank’s Bold Move for Job Growth”

World Bank Managing Director of Operations, Anna Bjerde, emphasized the importance of Pacific countries maintaining strong ties with international financial institutions during her recent visit focused on job creation and economic resilience across the region. Bjerde’s statement came following a week-long tour of Fiji, Papua New Guinea, and Australia, where she highlighted the significant challenges posed by slowing economic growth, climate change impacts, and global policy uncertainties.

“Pacific nations are pioneering regional initiatives and investing in the foundations for jobs and inclusive growth,” Bjerde remarked, expressing optimism in the face of these challenges. To further localize economic benefits, the World Bank announced a new procurement framework requiring that 30 percent of labor costs on infrastructure projects funded by the bank be allocated to local workers. This initiative aims to enhance job opportunities for young people and empower local economies.

During her visit, Bjerde attended the Pacific Islands Forum Economic Ministers Meeting in Fiji, underscoring the World Bank’s commitment to supporting local jobs and sustainable development. In addition, she discussed ongoing efforts to improve correspondent banking relationships, which are crucial for maintaining remittances and facilitating trade in a region that has faced a significant decline in such banking ties.

Bjerde’s statements echo sentiments previously expressed regarding the need for comprehensive trade reforms to alleviate high trade costs that burden local businesses. She reiterated the World Bank’s objective to address the unique vulnerabilities of Pacific Island nations, particularly concerning climate resilience and economic stability.

This proactive approach by the World Bank, which includes collaboration with regional partners on initiatives like the Pacific Climate Resilient Transport Programme, provides a hopeful outlook for enhancing infrastructure and community resilience against climate-related challenges. Through efforts such as these, the Pacific region is positioned to foster sustainable growth and shared prosperity, emphasizing the resilience and commitment of its nations amid global uncertainties.