Minister for Economy Aiayz Sayed Khaiyum [Source: Fijian Government]

Many Pacific Island Countries are finding it difficult accessing funds available and paying the cost.

These were regarded as challengers by participants taking part in the Forum Economic Minister’s meeting underway in Suva.

Minister for Economy Aiayz Sayed Khaiyum says the need for these countries to prepare a balance sheet is vital.

“So people need to understand that. And also in terms of how does it affects your balance sheet. You can go out to borrow a loan but it can affect your debt to GDP ratio in the long term so these are number of challengers and what we are trying to do – we are trying to get the MDB bilateral partners to understand that and also to come up if innovative financial solutions to be able to address the issue . The reality is that if you for e.g. spend a dollar today in building resilience you saving about eight times more than that’s the costing is being done in a long term.”

Meanwhile, the Cook Islands Deputy Prime Minister Mark Brown whose also part of the meeting has recommended that Pacific Island countries need to have a good, strong robust financial management system.