Minister of Commerce, Faiyaz Koya, that COVID-19 exacerbates the existing demanding situations facing emerging Pacific economies.
The effects of COVID-19 have been felt even in grassroots communities and marginalized citizens.
Speaking at the Economy Ministers’ Meeting, Trade Minister Faiyaz Koya said that COVID-19 exacerbates the existing demanding situations facing emerging Pacific economies.
These economies are already hampered by isolation and are highly exposed to the dangers of crisis and climate change.
Koya says that in addition to those challenges, investors and governments face high infrastructure and reconstruction costs.
“COVID-19 has revealed complexities and demanding situations that will continue to hinder the paths to effective economic recovery and the resilience of our economies in order to cushion potential fiscal shocks. “
Koya adds that Forum is leading the 2050 strategy for the Blue Pacific continent.
He says collective methods for effective economic recovery and building resilient economies reinforce the need for regionalism and seize greater opportunities for economic progress with our partners.
The theme of this year’s Forum’s Meeting of Finance Ministers is “Towards a Resilient and Stable Economic Recovery”.