Minister for Economy Aiyaz Sayed-Khaiyum [Source: Fijian Government]

Challenges faced in building a resilient economy and dealing in the aftermath of some climatic events.

These were discussed during the Economic Minister’s meeting in Suva yesterday.

Rising fuel prices and balancing trade issues were also common challenges to the region requiring attention.

Minister for Economy Aiyaz Sayed-Khaiyum says finding solutions is a priority.

He adds the reason why climate financing for the proposed Pacific Resilience Facility is important – is because it will be tailored towards the specific needs of Pacific countries.

We also discuss the cost of funds that available to the Pacific whether it’s for building in resilience or in respect to the overall development of the country. The cost of funds is very critical and one of the issues not only Pacific Island countries face but in the Caribbean, India and smaller states around the world is the need to ensure there is sustainability so I think it’s the balancing of your debt sustainability whilst trying to meet the demand and needs of your citizens in respect to growth prospect .

Meanwhile, the proposed Pacific Resilience facility aims to have a minimum of $500million in capital to help Pacific communities, businesses and government’s climate-proof their infrastructure.