High-Level Conference on Pacific Island Countries Hosted by the IMF and the Government of Samoa: "The Pacific Way: Building Resilience And Fostering Inclusive Growth" Samoa, Friday, March 23, 2012

Samoa, March 23, 2012

THE PACIFIC WAY: FOSTERING INCLUSIVE GROWTH AND BUILDING RESILIENCE

High-Level Conference on Pacific Island Countries Hosted by the IMF and the Government of Samoa

A conference on the theme “Fostering Inclusive Growth and Building Resilience” will take place in Samoa, on March 23. The conference will be hosted by the IMF and the Government of Samoa. The event will be attended by Min Zhu, Deputy Managing Director, IMF and will bring together leading regional policymakers, the vice presidents of the World Bank and Asian Development Bank, the private sector and the media. Prof. Peter Montiel a world leading expert in development economics will deliver the keynote address. The conference is by invitation only.

The conference will focus on policies that could increase resilience to shocks, on spillovers from global economy to the Pacific islands and on drivers of growth with an emphasis on private sector development. Some of the key questions are: why could the countries build resilience given the economies are not easily diversifiable? What can we learn from country experiences? How can access to credit by the private sector be improved? What is the appropriate role and size of the public sector in a small island economy? Which structural reforms are necessary to achieve a more inclusive growth? How can the public sector crowd-in the private sector?

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Thursday, March 22

Welcome Dinner offered by Min Zhu, Deputy Managing Director, IMF; Venue: Tanoa Tusitala Hotel, Apia
7:30-9:30 pm

Friday, March 23

Apia Convention Center, Samoa

8:45-9:00 am	Welcome remarks by H.E. Tuilaepa Aiono Sailele Malielegaoi, Prime Minister of Samoa
9:00-9:15 am	Opening remarks: Min Zhu, Deputy Managing Director, IMF Speech
9:15 am	Photo Op
9:30-9:45 am	Keynote speaker: Prof. Peter Montiel, Williams College, “Increasing Resilience to Shocks to Ensure Sustainable Growth”
9:45-11:15 am	Session 1: Spillovers and Vulnerability to Shocks: What Role for Policies This session will focus on spillovers from global and regional economies to the Pacific islands and on how to increase resilience to external shock. Chair: Pamela Cox, Vice President for East Asia and Pacific, World Bank Speaker: Patrizia Tumbarello, Unit Chief, IMF, “Global and Regional Spillovers to Pacific Island Countries" Read the Working Paper Key regional and international perspectives (5 to 10 minutes each): Hon. Faumuina Tiatia Liuga, Minister of Finance, Samoa Tao Zhang, IMF Executive Director, China Hon. Wilbur Heine, Minister of Internal Affairs, Marshall Islands Andie Mary Fong Toy, Deputy Secretary General, Pacific Islands Forum Secretariat Patrick Colmer, General Manager, International Division, Australian Treasury, "Major Economic Shocks and Pacific Island Countries” See the Presentation
11:15-11:30 am	Coffee break
11:30-1:00 pm	Session 2: How to Promote Broad-based Growth What are the main drivers of growth? Could the public sector crowd in the private sector? Chair: Hoe Ee Khor, Assistant Director, IMF Speakers: Yongzheng Yang, IMF Resident Representative for Pacific Islands, “The Pacific Speed of Growth: How Fast Can It Be and What Determines It?” "The Pacific Speed of Growth" and Nita Thacker, IMF Deputy Division Chief for Caribbean, Western Hemisphere Department, “Caribbean Experience” Key regional and international perspectives (5 to 10 minutes each): Siosi Mafi, Central Bank Governor, Tonga Hon. Moana Carcasses Kalosil, Minister of Finance, Vanuatu Filimone Waqabaca, Permanent Secretary of Finance, Fiji, “Pursuing Broad Based Growth in Fiji” Loi Bakani, Governor, Bank of Papua New Guinea Ferid Belhaj, Country Director, Timor-Leste, PNG, and the Pacific Islands, World Bank, “Growth, sustainability and the future of the Pacific Economies”
1:00-2:00 pm	Lunch Luncheon Remarks by Chris Legg, IMF Executive Director, Asia and Pacific Constituency, “The IMF Executive Board’s View on Current Policy Issues” and Tom Dorsey, IMF Advisor, Strategy, Policy and Review Department “Pacific Islands Countries: IMF Financing Options"
2:15-3:45 pm	Session 3: Fostering Private Sector Development What are the main obstacles to private sector development? What can we learn from country experiences? How can access to credit by the private sector be improved? What is the appropriate role and size of the public sector in a small island? Which structural reforms are necessary to achieve a more inclusive growth? Chair: Stephen Groff, Vice President, Operations 2 (East Asia, Southeast Asia and the Pacific), Asian Development Bank Speaker: Serge Devieux, Director, Financial Markets, Asia Pacific, IFC “The Role of the Financial Sector in Supporting Private Sector Development” Key regional and international perspectives (5 to 10 minutes each): Hon. Rick Houenipwela, Minister of Finance, Solomon Islands "Fostering Private Sector Development in Solomon Islands" Hon. Tom Murdoch, Minister of Finance and Economic Development, Kiribati "Private Sector Development Kiribati Perspective" Michael Rowland, CEO Pacific, ANZ "Fostering Private Sector Development" Frank Yourn, Executive Director of Australia Pacific Islands Business Council Epa Tuioti, Vice Chairman, Board of the Pacific Island Countries Regional Private Sector Organisation "Effective Public-Private Dialogue for Pacific Island Countries"
3:45-4:00 pm	Coffee break
4:00-5:30 pm	Session 4: Lessons Learned and the Way Ahead Panel discussion with development partners (5 to 10 minutes each): Chair: Anoop Singh, Director of Asia and Pacific Department, IMF Atalina Ainuu Enari, Governor, Central Bank of Samoa Rui Manuel Hanjam, Vice-Minister of Finance, Timor-Leste Ayumi Konishi, Deputy Director General, Pacific Department, Asian Development Bank Ayumi Konishi, Deputy Director General, Pacific Department, Asian Development Bank Koki Hirota, Director General, Southeast Asia and Pacific Department, Japan International Cooperation Agency (JICA) "The Pacific Way - Building Resilience and Fostering Inclusive Growth" Abdoul-Aziz MBAYE, Ambassador, EU Head of Delegation to the Pacific Rick Woodham, Deputy Director of Strategy and Performance, New Zealand Aid Programme
5:30-5:45 pm	Closing remarks by Min Zhu, Deputy Managing Director, IMF and Hon. Faumuina Tiatia Liuga, Minister of Finance of Samoa
5:45 pm	Joint IMF and Government of Samoa Press Conference
7:30 pm	Dinner offered by the Government of Samoa at the Robert Louis Stevenson Museum

Organizing committee: Patrizia Tumbarello (chair), Matt Davies and Yongzheng Yang. Hoe Ee Khor provided general guidance.
Conference coordinators: Safieh Hekmat and Maria Nina Samuela.