The Pacific Roadmap for Economic Development (PRED) is anticipated to require substantial funding for its complete execution, as highlighted by Baron Waqa, Secretary General of the Pacific Islands Forum (PIF). In a recent briefing, Waqa addressed inquiries regarding the estimated costs for PRED and the strategies PIF leaders plan to employ should development partners not provide adequate financing.
While specific monetary figures were not disclosed, Waqa emphasized that PRED, already in its implementation phase, encompasses various critical sectors of the economy, including business, trade, and commerce. He assured that ongoing conversations about financing would evolve as the roadmap progresses.
PRED is designed to be a comprehensive strategic framework aimed at fostering sustainable economic growth and prosperity in the Pacific, closely aligned with the long-term 2050 strategy for the Blue Pacific Continent. Among its priorities, regional economic cooperation and financial integration are identified as key solutions to shared developmental challenges facing Pacific nations.
The briefing included insights from Tongan Prime Minister Dr. Aisake Eke, Deputy Prime Minister and Finance Minister Professor Biman Prasad, and Waqa, who collectively affirmed that PRED is poised to become the economic and financial engine of the Pacific region. The roadmap aims to establish a robust foundation for regional leaders to mobilize long-term development finance, enhance economic coordination, and increase investments across vital sectors.
This aligns with the previous discussions from the Forum Economic Ministers Meeting (FEMM), which underscored the critical importance of regional integration to drive economic transformation. As Pacific nations face escalating vulnerabilities from climate change and economic pressures, PRED offers a hopeful framework for collaborative prosperity and resilience in the future.
In summary, the PRED initiative illustrates a proactive approach toward overcoming common challenges, reflecting a collective commitment among Pacific leaders to enhance the region’s economic resilience and sustainability.
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