11:31 AM |
Global economic crisis conference to prepare the Pacific for the future
By PACNEWS Journalist, Pita Ligaiula
Today's world financial crisis is the most significant economic event of our lifetime.
But as the world economy is set to bounce back in 2010, Pacific Governments are gearing up for the upcoming Global economic crisis conference to be held in Vanuatu next month to deal with how best to protect the most vulnerable from the current 'crisis the world faces.'
Dr Will Parks, UNICEF's Chief of Policy, Advocacy, Planning and Evaluation says the conference aims to address the need for countries in the Pacific to strengthen the actions they are already taking to weather the impacts of global melt down affecting their economies.
"This conference is focussed on the future, learning from the present and prepare for what is yet to come."
"This could well undo many years of progress that has been made in poverty reduction, healthcare, education and other social welfare issues. That work and the progress the governments have made could suffer a set back unless there is a committed response to the economic downturn now," Dr Parks told a media briefing in Fiji's capital Suva.
He said the crisis has unfolded across many parts of the world far quicker than the Pacific.
"We have not seen the full impact of economic crisis in the Pacific yet and that is why the conference is also very timely because 2010 the Pacific economies could be much harder than it was in 2009.
But he has warned that failure of Pacific Island governments to provide sound policies to counter the global economic crisis, more people in the region will fall into poverty.
"The data that the governments and the development partners across the region have gathered in terms of percentage of population that are living in poverty in the region shows that virtually in every country between 20 and 30 percent of their national population live below the poverty line.
"That's before the economic crisis hit, he said
Dr Park said if Governments fail to respond positively, more people will suffer as a consequence.
"We estimate another 50,000 people across the Pacific region will fall below the poverty line in their countries.
"That's backwards in terms of trying to achieve poverty reduction, so that is the gravity of the situation in terms of poverty in the region.
"That is the statistic we wish to avoid, and to prevent any such scenario unfolding in the future."
He said government should also ensure they are protecting spending in the social sectors and government expenditure is not overreaching itself.
With many of the reforms that are currently in motion in many Pacific island countries, cutting back on various public expenditures can be fast tracked to ensure the money is put in the right place, said Dr Parks.
"What has been of concern to UNICEF is that some countries have been cutting back their budgets in terms of education and health.
"This is a hard lesson learnt from the 1997 Asian financial crisis and when countries do cut in the social sectors children and women and young people suffer and often suffer for along time after that crisis is past.
"I think in terms of moving forward, the conference is a time to learn from each other, take stock and learn exactly where the Pacific stands, he said
Dr Parks said three countries in the region have stood up to the economic crisis reasonably well
"For quite different reasons PNG infact is one country that has performed reasonably well, part of the reasons is that the mining industry there has been able to generate funding that the government is able to keep and invest.
"Vanuatu has performed reasonably well as an economy and Timor Leste is one of the country we are keeping an eye on is performing reasonably well.
He also said other countries in the region who are within zero growth while others have recorded negative growth.
"Fiji for example is one country that is facing some problems, Solomon Islands is facing problems because its logging industry will come to a halt in 2010.
Dr Parks said the Vanuatu conference is an opportunity for Pacific Island Countries to prepare for the next 12 – 18 months
ADB's Public financial management officer, Lai Tora said the ADB has given grants to Cook Islands and Tonga to help their economies cushion the impact of the financial crisis
"We have supported government programmes in the Cook Islands by providing loan worth US$ 8 million and in Tonga by proving grant worth US$10 million. We expect to provide further financial assistance for Samoa and Solomon Islands.
"These programmes provide fiscal stimulus for e.g. infrastructure development and also structural reforms, "Mr Tora said.
"We hope this approach will help decelerate or to slow the case of economic contractions in our member countries
Mr Tora said the ADB also noted that countries that depend on trust funds have seen decline in returns.
"We have seen economy contraction in some of the countries and this conference provide opportunities for countries to put in place appropriate policy options.
Dr Parks also said much of what the government in the Pacific have been struggling with the effects of global economic crisis that is beyond their control.
"The trust funds in certain countries for eg Tuvalu - they have made investments overseas and those investments are at the mercy of global downturn.
He said in comparison to the economies in the northern Pacific they are faring well because of their ties with the United States under the Compact of Free Association.
"I think they sit in the middle categories of countries that are performing in a fairly stagnating economic growth. Offcourse those countries have some security because of their connection with the United States.
"What concerns us is sub national performance. We certainly know in FSM and in Marshall Islands, their performance economically is much worse than the national average.
"Palau is a country that I think is economically stable at this stage. It does have issues related to remittances in tourism but we are keeping a very close eye on governments in the Northern Pacific, Dr Paks said.
The conference is expected to draw 220 delegates from 22 Pacific Island States and Territories and will include several Heads of States, Minister for finance and Ministers for Social Sectors, civil society organisations, private sector representatives and young people.
The conference to be held from 10 -12 February will be opened by UNDP administrator and former New Zealand Prime Minister Helen Clark.
The conference is organised by the Vanuatu Government, United Nations, Asian Development Bank, Pacific Islands Forum Secretariat, University of the South Pacific and the Secretariat of the Pacific Community
SOURCE: PACNEWS
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