The Asian Development Bank (ADB) said if the Pacific island countries make structural reforms, they will be better placed to cope with the global economic crisis, Radio New Zealand International reported.
The economic ministers from Australia, Nauru, the Cook Islands, Samoa, Solomon Islands, Tuvalu and Vanuatu have been joined by government officials from the other nine Pacific Islands Forum members for the 12th Forum Economic Ministers Meeting in Port Vila,the capital of Vanuatu.
The Asian Development Bank (ADB) was advising the Pacific countries to brace themselves for the economic downturn by trimming spending, simplifying tax systems and embracing private enterprise.
The ADB's regional director Eugene Zhukov said the current situation creates a good motivation to start accelerating on this front.
But the key expectation of the meeting is that the ministers will sign off on a plan to begin negotiations on bringing some of the smaller island countries cheaper power by merging their fuel markets to bring down the price.
Source: Xinhua
