PACIFIC nations are advancing efforts to secure critical banking links that keep trade flowing, families connected through remittances and economies linked to the global financial system.
The commitment was highlighted during the second Project Steering Committee Meeting of the Pacific Strengthening Correspondent Banking Relationships Project, held in Majuro, Republic of the Marshall Islands, on the margins of the Forum Economic Ministers Meeting.
Committee members and stakeholders reviewed project progress and discussed priorities for the next phase of implementation, including a Pacific Payments Mechanism Feasibility Study, anti-money laundering and counter-terrorism financing support, payment systems development and measures to improve regional financial resilience.
Pacific Islands Forum Secretary General Baron Divavesi Waqa said correspondent banking was not only a financial sector issue but also a regional development priority.
“By working together to strengthen access to international banking services, Pacific countries are advancing the 2050 Strategy’s vision of a connected, resilient and prosperous Blue Pacific Continent,” he said.
Supported by the World Bank and implemented by the Pacific Islands Forum Secretariat, the project aims to safeguard Pacific countries’ access to the global financial system and strengthen financial resilience across the region.
The initiative currently includes eight Forum Island countries: Fiji, Kiribati, Republic of the Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu and Vanuatu.
