Forum Economic Ministers’ Meeting Adopts Economic Action Plan
21 July 2011: The Forum Economic Ministers' Meeting (FEMM) has adopted an economic action plan, which includes a section on options to improve access to, and management of, climate change resources.
The 15th FEMM was convened by the Pacific Island Forum Secretariat (PIFS) in Apia, Samoa, from 20-21 July 2011. On improving access to, and managing climate change resources, the FEMM recommended: the acceleration of member country efforts to effectively integrate climate change priorities into national plans and budgets; and direct budgetary support and sector budgetary support as the most effective modalities to deliver climate change resources, where systems are in place to effectively absorb and effectively manage those resources.
The FEMM further: agreed to consider the use of national trust fund arrangements as a possible modality for climate change resources to accrue over time and facilitate disbursement rates that are commensurate with the human, institutional and absorptive capacity of Forum Island Countries; acknowledged the need to further assist Forum Island Countries to overcome barriers to accessing, managing and delivering climate change resources in support of their priorities; and agreed to further consider how official development assistance (ODA) can assist with leveraging private sector adaptation financing.
The action plan also contains section on: the broadening of the economic base; development coordination in the Pacific region; regional remittance issues; regional interest rate issues; G20 progress; and a regional small and medium enterprise (SME) financing facility. [FFEM Action Plan] [PIFS Press Release] [PIFS Press Statement]