The Asian Development Bank has told Pacific Island Finance Ministers that the impact of the global financial crisis on their region, is worse than expected.
Pacific Finance Ministers including Prime Minister and Finance Minister Commodore Frank Bainimarama, who is attending the ADB meeting in Bali were given a full briefing on the impact of the financial crisis yesterday.
Radio Australia reports that the Ministers were told that tourism and remittances to the region have been hit hard with five countries now expected to post negative growth and all to experience a significant slowdown.
The assessment is contained in a new report called "Taking the Helm" which was launched at the special Pacific only consultation.
The report said Pacific governments need to act fast to limit the impact of the crisis on jobs, livelihoods and government revenue.
Global crisis impact worse than expected
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