Countries in the Pacific should improve their debt monitoring systems and strengthen investment prioritization to better manage the risk of debt distress, according to the latest issue of the Asian Development Bank’s (ADB) Pacific Economic Monitor launched last week.The Monitor says six of ADB’s 14 Pacific developing member countries—Kiribati, the Marshall Islands, the Federated States of Micronesia, Samoa, Tonga, and Tuvalu—are facing elevated risk of debt distress due to their narrow economic bases, vulnerability to economic shocks, and exposure to climate change. However, these risks can be mitigated by strengthening institutional capacities to sustainably manage debt.“ADB and development partners are working with Pacific governments to strengthen debt management while also promoting long-term solutions to the challenge of expanding access to basic services,” said ADB Director General for the Pacific Ms. Carmela Locsin. “While debt financing can play an important role in responding to substantial infrastructure needs in the Pacific, strong project due diligence, investment planning, and improved debt monitoring frameworks are needed to safeguard against future repayment concerns.”This is the 25th issue of the Monitor—the ADB Pacific Department’s flagship economic publication, which was launched in 2009 to provide more regular economic reporting on the Pacific Islands which were being severely… Read full this story
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