Asian Development Bank

President Nakao made the statement Friday in his public lecture at the University of the South Pacific on “Pacific Islands: Development Opportunities and policies priorities.

“ADB recognises the diversity of the Pacific. The region has over 800 languages. Pacific Island economies are very different. But a regional approach to common challenges can benefit all.

“Pacific Island leaders will be discussing a new framework for Pacific regionalism at the Forum Leaders meeting in Port Moresby in early September. ADB stands ready to support their key priorities,” he stressed.

Emma Veve of the Asian Development Bank (ADB) says commodity exporters like Papua New Guinea will feel the effects of lower prices for their products and preparations must be made for this.

Veve says there will be a slow down in the number of outbound tourists from China but the market is so huge countries dependent on the China trade like Fiji and Palau will barely feel the shock.

She says the devaluation of the yuan eases the way for countries heavily reliant on imported fuel and concessionary Chinese loans.

Finance Permanent Secretary Filimone Waqabaca says talks have been held with various international financial institutions to work out the best solution.

“The payment next year will be in full, it will probably be a rollover depending on the arrangement that we will agree on now, so it will be a, we will have to roll over or do another float in order to repay that, but part of it will probably be taken from our funds that we have been keeping aside to help in the funding aspect of it as well.”