Press Release – 2017 WB/ IMF Annual Meeting

October 23, 2017 9:20 pm Published by

Press Release- Oct. 20, 2017

The Republic of the Marshall Islands Minister of Finance, Brenson S. Wase, together with RMI Senator David Paul led the RMI Delegation attending the 2017 World Bank/International Monetary Fund Annual Meeting, which took place in Washington D.C. from October 13th through 15th. Minister Wase serves as the RMI’s Governor to the World Bank, and Senator Paul serves as the RMI’s Alternate Governor. The delegation included RMI Ambassador to the United States, Gerald Zackios, Secretary of Finance, Maybelline Andon-Bing, Banking Commissioner, Sultan Korean, Director of the Division of International Development Assistance (MOF), Jennifer Tseng, Manager of Financial Sector Development (Banking Commission), NeumiUsumaki, and Consultant (MOF), Charles Akeke Paul.

The Delegation held bilateral meetings with the several important officials during the meeting, including the World Bank Vice President Ms. Victoria Kwakwa, World Bank Executive Director Jason Allfrod, IFC Country Manager Tom Jacobs, IMF Executive Director Henam Choi, and others to address the most critical challenges and priorities of the RMI and how to work cooperatively to address these challenges and priorities. The topics discussed included “de-risking”, Correspondent Banking Relationships (CBRs) and other financing matters, the national debt sustainability framework, human development, outer islands development, the IDA 18 programming, approval of the Project Preparation Advance Fund for Public Financial Management Improvement, RMI Trust Fund, and other important issues related to sustainable development.

In addition to bilateral discussions with the world Bank and the IMF, the delegation also attended various meetings, including the Annual Plenary meeting, Review of Debt Sustainability for Low Income Countries Session, Small States Forum Meetings, APD Development Outlook Breakfast meeting, and the Pacific Seminar Meeting.

The delegation expressed their appreciation to the World Bank and welcomed the Banks strong commitment to end extreme poverty by 2030 and boost shared prosperity among the poorest 40 percent of populations around the world by “accelerating inclusive, sustainable economic growth; by building resilience to shocks and threats; and by investing more and more effectively in people.” Moreover, the delegation appreciated the IMF taking the lead on addressing the “de-risking” and the CBR issue at the country, regional and global levels. Most of all, the delegation was pleased to notice the stronger commitment of increased IDA18 funding and the consistent technical assistance to support the strategic development goals of the RMI in the areas of renewable energy and energy efficiency, the improvement of Public Financial Management, human development through early childhood development and nutrition, the maritime sector, the Household Income and Expenditure Survey (HIES), private sector development, the financing sector, Trust Fund, etc. The delegation believes that the improving and stronger partnership with the World Bank Group and the International Monetary Fund will continue to benefit the government and people of the RMI. The delegation also welcomed the visits to be made by the World Bank and IFC in November 2017 and February 2018.


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This post was written by RMI MOF