Pacific finance ministries need to improve budgeting and staffing in order to achieve sustainable economic growth, say delegates at a recent workshop organized by the Asian Development Bank (ADB) and the Pacific Financial Technical Assistance Center (PFTAC).
Senior officials from finance ministries in 16 Pacific countries this week shared their knowledge and experience, particularly in the area of medium-term budgeting.
“Good medium-term budgeting contributes greatly towards macroeconomic stability and delivery of essential public services, and is a key focus of ADB’s support towards its Pacific Developing Member Countries,” says Adrian Ruthenberg, Regional Director of ADB’s South Pacific Subregional Office in Suva. “International experience has shown that medium-term budgeting can lead to the achievement of better economic management outcomes, for example, improved fiscal balances, and increased social sector spending.”
“The governments of the Pacific island countries have a clear commitment to strengthening management of the public’s money,” says Matt Davies, PFTAC Coordinator. “Intensive capacity building is required to help them achieve their commitments. Practical workshops such as this, which aim to build partnerships between countries and a broad range of development partners, are an essential component of our assistance to the Pacific.”
Full media release at the Asian Development Bank