CCTV.com - CNTV English - CCTV News

Pacific island nations need to build resilience against shocks: IMF deputy chief

03-23-2012 10:19 BJT

WASHINGTON, March 22 (Xinhua) -- Pacific island nations face challenges and they need to build buffer against external shocks, said Zhu Min, Deputy Managing Director of the International Monetary Fund (IMF) on Thursday.

"Those countries are obviously very diversified, they are very different in terms of cultures and economic structures. But they are facing common challenges," Zhu said at a high-level conference hosted jointly by the IMF and the government of Samoa on regional economic and development issues.

The senior official noted that the Pacific countries have very narrow base for production and export, and very limited space for diversification.

In order to build resilience to external shocks, Zhu said the first priority is to "try to build fiscal buffer in good years, particularly when growth is strong."

Zhu insisted that it is also important for Pacific countries to safeguard the socially and economically vulnerable, saying that they need to build more social safety net and provide service flows for all the people, particularly for the vulnerable in the downturn.

Zhu expressed high hope for the conference. "We very much expected to see very fruitful conversation with them to exchange views. We bring our knowledge, our forecast for the global financial situation to them, and they also bring their local knowledge for us to understand their situations better," he said.

Policymakers from 10 Pacific island nations, representatives from regional development partners, international organizations, academia, and the private sector attended the conference.

Editor:Wang Lingfei |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program