A high-level advocacy mission to the United States this week, is led by Tonga's Prime Minister Hon. Dr ‘Aisake Eke, and the Pacific Islands Forum Secretary General. Baron Waqa, who are seeking to secure capitalisation pledges for the new Pacific Resilience Facility (PRF).
The advocacy mission follows the successful endorsement of the PRF Establishment Agreement (Treaty) by Forum Economic Ministers during their special meeting held in Tonga in March.
The mission coincides with the global multilateral meetings of the World Bank Group and the International Monetary Fund (IMF) held this week in Washington DC this week.
“It is an opportunity to further engage the Pacific Islands Forum’s development partners and multilateral institutions to support the Pacific-owned and Pacific-led regional resilience financing facility for Pacific communities, without incurring a further debt burden for our Members”, the Forum Chair, PM Dr. Eke said.
“Our message is simple: the Pacific Islands Forum is serious about the PRF. We are saying to our development partners that the time to act is now, and to support the PRF so that we can demonstrate the transformative power of this grant investment vehicle, to predictably finance our communities’ resilience needs”, he said.
The Forum SG Waqa highlighted the strategic importance of the mission in advancing the Forum Leaders’ collective vision under the 2050 Strategy for the Blue Pacific Continent, particularly relating to resilient and sustainable development reform.
“This advocacy mission is about unlocking new capital flows and scaling up investments in the PRF from transformative partnerships that deliver for our Pacific people," said SG Waqa.
The Pacific Islands Forum have fundraised about US$150 million from COP28 in 2023 to COP29 in 2024.
"We are committed to mobilising resources to raise the balance of US$350m to reach the US$500m capitalisation target for the PRF by COP31 in 2026. We aim to take a ratified PRF Treaty to COP30. We are engaging with institutions and Governments that can help the PRF as a Pacific-owned priority to assure access to finance for our communities when we launch our first call for proposals at the 55th Pacific Islands Forum Leaders Meeting in Palau in 2026,” said SG Waqa.
The PRF Treaty will be presented to Forum Leaders at their meeting in September, in the Solomon Islands for signature, and thereafter, to deposit their instruments of ratification by the end of the year.
US Deputy Secretary of State
While in Washington D.C, PM Dr. ‘Aisake Eke and Forum SG Baron Waqa met with the United States Deputy Secretary of State, Christopher Landau yesterday, 23 April.
"The Deputy Secretary highlighted the United States, as a Pacific power, remains committed to engagement with the region and looked forward to deepening cooperation on a range of issues to secure a free, open, and prosperous Pacific region," the U.S. Department of State stated.
"The Deputy Secretary, Prime Minister, and Secretary General also discussed expanding opportunities for strengthening commercial ties to promote durable, long term economic growth and development that benefits both Americans and Pacific Islanders."
