ECONOMIC Ministers [Thursday 21st July 2011] reconfirmed their commitment to expanding the economic base through a host of initiatives including the development of the private sector.

"At previous meetings, Forum Economic Ministers considered and agreed on ways to manage Pacific economies through policy responses such as safeguarding macroeconomic stability, pursuing reforms to create an enabling environment for private sector development and strengthening areas of comparative advantage such as agriculture, tourism and fisheries sectors," said the Secretary General of the Pacific Islands Forum Secretariat, Tuiloma Neroni Slade.

"Persevering with implementation of such policies is essential."

Added Mr Slade: "It is appropriate in that respect that Broadening the Economic Base was the overarching theme for this year's Forum Economic Ministers' Meeting (FEMM), one so crucial to enhancing economic prospects for the region."

Former governor of Fiji's Reserve Bank, Savenaca Narube, and former Minister for Finance of the Kingdom of Tonga, Siosiua 'Utoikomanu, presented to Ministers on the topic of 'Broadening the economic base'.

"Taking into account the diversity of our nations' sizes and potential of the private sector, the Ministers agreed to promote private sector development," said Mr Narube.

"We need to continue with the public sector reforms, including for State Owned Enterprises, by developing a clear national road map, an inclusive communication strategy and adequate safety nets."

Mr 'Utoikamanu added that in persevering with these difficult reforms, leadership, maintaining political stability and building a coalition for change through proactive consultations with private sector and the community is important.

The Ministers recognised that while reforms are essential to broadening the economic base, they need to frame a package of supportive policies to allocate budget resources more effectively, build capacity and governance in State Owned Enterprises and key public institutions, promote growth sectors and develop inclusive communication strategies and measures to enable growth to benefit the wide communities. Forum Secretariat, 23/07/11.