NO.069

PACIFIC ISLANDS FORUM ECONOMIC MINISTERS’ MEETING (FEMM) 2006

The Treasurer will attend the 10th annual Pacific Islands Forum Economic Ministers’ Meeting, to be held in Honiara, Solomon Islands, on 3-5 July 2006.

The focus for FEMM 2006 is on economic growth and regionalism, and will discuss the necessity to improve the environment for economic growth in the Pacific. The keynote address will cover economic growth in Forum Island Countries (FICs) over the past decade and challenges and opportunities ahead. The FEMM will assist FICs in addressing the difficult challenges of implementing the reforms necessary to achieve better economic growth performance, stronger institutions and more robust governance.

Australia is strongly committed to improving governance and economic performance in the Pacific. This is demonstrated by Australia’s commitments to the Solomon Islands, Papua New Guinea, Nauru and elsewhere in the region. Further, the Australian Government announced, in September 2005, a doubling of Australia’s overseas aid by 2010, subject to the effectiveness of the additional aid resources and conditional on strengthened governance and reduced corruption in recipient countries.

The FEMM provides an opportunity to discuss with Pacific Island economic ministers the imperative of improving their governance and economic performance in order to deliver stability and improved living standards throughout the region.

While in Honiara the Treasurer will meet Solomon Islands Prime Minister, Sogavare, Foreign Minister Oti and Acting Finance Minister Lilo. He will also meet with RAMSI Special Coordinator, James Batley, to discuss the progress of RAMSI, including security, reconstruction and reform.

MELBOURNE

1 July 2006

Contact: Renae Stoikos

0418 568 434