Suva, Fiji – On September 5th, 2024, H.E. Wesley W. Simina, President of the Federated States of Micronesia, participated in a high-level dialogue with the President of the World Bank Group, Hon. Ajay Banga, and other Pacific leaders at the Pacific Islands Forum Secretariat in Suva, Fiji. The meeting focused on strengthening partnerships between the World Bank and the Pacific region, where the leaders called for the robust replenishment of International Development Association (IDA) resources, in order to foster sustainable development and resilience across the Pacific region.
During his statement, President Simina emphasized the unique challenges faced by the Smaller Island States (SIS) of the Pacific, including the FSM, which currently serves as the Chair of this grouping within the Pacific Islands Forum. He highlighted that the SIS face distinct vulnerabilities, such as the impacts of climate change, sea level rise, and limited economic opportunities—exacerbated by geographical smallness, isolation, and distance from global markets.
“The SIS require special consideration from development partners,” President Simina stated. “We need coordinated efforts to address these vulnerabilities, and I urge the World Bank to prioritize support for the Small Island States in its financial assistance and development programs.” he stated.
President Simina welcomed the recent recognition of the SIS at the Pacific Islands Forum Leaders Meeting in Tonga, where the Leaders called for enhanced support for the SIS and the adoption of the Multidimensional Vulnerability Index (MVI) at the United Nations General Assembly. He urged the World Bank to integrate the MVI into its decision-making processes to better address the specific needs of the SIS.
President Simina also underscored the importance of the World Bank’s International Development Association (IDA) resources, which have been instrumental in fostering development in the Pacific. However, he pointed out the challenges faced by smaller island states like the FSM in financing even concessional debt. He called on the World Bank to ensure a strong IDA replenishment and to continue providing grant resources to microstates unable to bear the burden of concessional debt.
“IDA grants are not just financial support; they are investments in the future stability and prosperity of our nation and region,” he emphasized.
President Simina expressed his deep appreciation to the World Bank for its continued support, particularly for the recent opening of the subregional office in Micronesia, located in Pohnpei. This milestone reflects the Bank’s commitment to deeper engagement and more effective project implementation in the Micronesian region and the wider Pacific.
President Simina also recognized the World Bank’s increased focus on climate change, including the development of the Climate Action Plan and the recently approved crisis response program. He called on the World Bank to continue mobilizing resources for climate adaptation and mitigation projects in the Pacific, emphasizing the urgent need for tailored support that accounts for the unique challenges of implementing projects in the region.
While acknowledging the World Bank’s support, President Simina highlighted the challenges Pacific nations face in meeting the Bank’s procurement requirements, often causing delays in project implementation. He urged the World Bank to provide tailored support to help Pacific nations navigate these requirements more efficiently, ensuring timely delivery of projects and services to benefit the people of the region.
“The partnership between the World Bank and the Pacific is crucial for our shared vision of sustainable development and resilience in the face of global challenges,” President Simina concluded. “With continued support from the World Bank, we can unlock the full potential of our region and secure a brighter future for our people.”
The Federated States of Micronesia looks forward to continued collaboration with the World Bank and other partners to address the pressing challenges facing the Pacific and to work toward a more prosperous and resilient future for all.
