The Honorable Deputy Prime Minister and Minister of Foreign Affairs and External Trade Mr. Matai Seremaiah Nawalu's participation in the high-level meeting with World Bank President Mr. Ajay Banga in Suva last week, highlights key issues for Vanuatu and the Pacific region. The discussions centered on the closure of correspondent banking relationships, which affect financial services, and debt distress, impacting economic stability. The meeting also emphasized the importance of accessing climate funds to enhance resilience. Pacific leaders endorsed the World Bank's Pacific Strengthening Correspondent Banking Project, aiming to tackle the challenges of de-risking and de-banking, which could significantly benefit the region's financial connectivity and economic stability.
Image: ForumSec, Suva, 6 Sept 2024
