The Pacific Resilience Facility (PRF) is on track for ratification at the upcoming Pacific Islands Forum Leaders’ Meeting (PIFLM) in Honiara, Solomon Islands in September, following a major decision made during the Special Forum Economic Ministers’ Meeting (FEMM) in Nuku’alofa this week.
The meeting, held on 25-26 March, saw significant progress on the PRF, alongside the approval of the Pacific Roadmap for Economic Development (PRED), a strategic alignment with the 2050 Strategy, and the advancement of the Climate Finance Access & Mobilisation Strategy (CFAMS).
The Ministers Wednesday endorsed the Pacific Resilience Facility (PRF): Progressing towards a Pacific-owned community resilience financing facility, with a treaty to be presented for ratification by Forum Leaders in September.
Forum Chairman, Tongan Prime Minister ‘Aisake Eke, and Forum Secretary-General, Baron Waqa, stressed the ongoing efforts to establish the PRF, which aims to strengthen resilience across the region, particularly in the face of climate crisis challenges.
Australia remains the largest contributor to the PRF, pledging AUD$100 million (US$63 million), with Japan committing approximately USD$3 million and the United States offering USD$5 million, with an additional USD$20 million pledged during the 53rd PIFLM last year.
Waqa said the U.S has lifted its suspension on committed funds, further solidifying its support for the facility.
“They’ve lifted their suspension on the PRF with regards to the operational funds that they’ve committed, which is US$ 5.8 million. But the pledge is still there.
“We’re still working on others to come on board, but right now we have a good number of supports from countries pledging,” SG Waqa told the media in Nuku’alofa.
As the PRF gathers momentum, the Forum is planning a major fundraising event at the UN General Assembly later this year to boost further commitments.
Secretary-General Waqa emphasised that development partners must align with the Pacific’s priorities, ensuring genuine partnerships in addressing the region’s pressing challenges.
Dr Eke reiterated the importance of unity among Pacific nations to face the region’s challenges, particularly geopolitical tensions and climate change.
“So, this is how we have this to position ourselves for the benefit of our people in our uncertain world,” he said.
He emphasised the need for resources to tackle these issues and highlighted the strategic role the PRF will play in securing financial and developmental support for the region’s future.
