Pacific Finance Ministers ready to invest in human capital
May 6, 2019 12:48 pm
Economy Minister Aiyaz Sayed-Khaiyum
Pacific Finance ministers met in Nadi today to respond to the World Bank’s call for increased investments in human capital.
This includes the knowledge, skills, and health that people accumulate over their lives.
Ministers of Finance from several Pacific Island countries including Fiji joined the World Bank to discuss the challenges their countries face.
The challenges include significant deficits in nutrition, hygiene, healthcare, and education.
In the Pacific region, deficiencies in these areas have led to stunting in one out of four children.
In terms of education, Pacific children are not staying in school long enough and are simply not learning enough.
Economy Minister Aiyaz Sayed-Khaiyum says Fiji is committed to working with the World Bank and other partners to identify the best investments to secure growth and Fijians ability to thrive, earn and contribute in the future.
Meanwhile, the World Bank launched a global Human Capital Project in October last year to assess the progress countries have made in building human capital and help countries invest more – and more effectively – in their people.
Vice President East Asia Pacific of the World Bank Victoria Kwakwa says a country’s human capital is a critical driver of sustainable economic growth – key to ending extreme poverty and creating more inclusive societies.
At the Summit’s conclusion, participating Ministers of Finance committed to accelerating progress on human capital, with the World Bank similarly pledging to increase support for countries in these areas, in line with national development plans.