PM Hu’akavameiliku and leaders of the Pacific Islands Forum met with the World Bank President, Ajay Banga, at the Forum Secretariat in Suva. The meeting provided a vital platform for Pacific leaders to engage directly with Mr. Banga on key issues affecting the region, including the ongoing decline of Correspondent Banking Relationships (CBR) and the severe impacts of climate change.
The discussion is part of Mr. Banga’s tour of the Pacific and Australia, which runs from 4th to 10th September 2024. The visit marks only the third time a World Bank President has visited the Pacific reflecting the increasing importance of the region on the global stage.
Pacific leaders expressed their concerns about the region’s vulnerability to climate change and its challenges in maintaining critical financial linkages, particularly the decline in CBRs, which has disrupted international banking and trade for many island nations.
Mr. Banga, in response, reaffirmed the World Bank’s commitment to supporting the Pacific in overcoming these challenges through financial assistance, climate resilience projects, and initiatives to strengthen economic links.
“This visit signifies the World Bank’s dedication to working closely with the Pacific to address these urgent issues,” Banga said. “We are committed to deepening our engagement and providing practical solutions to foster sustainable development in this vital region.”
