PCRIC Attends Tonga’s Annual Development Partners Forum

CRIC was invited by Tonga’s Ministry of Finance to participate in their annual development partners forum with the theme, “Effective Development Cooperation for a Progressive Tonga”. This significant event provided an opportunity for participants to gain deeper insights into the state of Tonga’s economy, the prevalent challenges, and the strategic pathways for future development.

The Tongan Prime Minister, Honourable Hu’akavameiliku, made the opening remark. In his remark, he stressed that genuine dialogue ensures durable partnership, and that effective development can only be realised through national ownership.

In his intervention, the PCRIC CEO underscored two pivotal issues: the persistent reality of climate change and the scarcity of resources, which are thinly spread across various needs. While acknowledging the government’s efforts to mitigate the impact of climate change, he emphasised the constrained access to resources for such endeavors.

Notably, numerous global facilities have been established to offer financial assistance for climate change mitigation and disaster preparedness. PCRIC stands as one such facility, uniquely positioned to provide swift cash to its member countries post disasters. However, the CEO stressed that PCRIC should not be viewed as the sole solution, urging for diversified financial sources to effectively manage the escalating risks faced by the country and facilitate rapid recovery from fiscal shocks.

Furthermore, he revealed Tonga’s keen interest in PCRIC’s drought product, slated for rollout before year-end. Moreover, PCRIC is exploring the possibility in offering scholarships to member countries and to secure additional resources for premium subsidisation. This scholarship initiative aims to equip future leaders with a comprehensive understanding of climate change issues, recognising the crucial role of proactive risk management in ensuring the region’s resilience and prosperity in the years ahead.