World Bank Focuses On Jobs And Economic Resilience In The Pacific
Ms. Bjerde also announced new reforms to the World Bank's procurement framework that require companies bidding on international civil works contracts—such as the construction and maintenance of transportation and energy infrastructure—to ensure that 30 percent of labor cost is local.
'The World Bank Group is proud to support the people of the Pacific with solutions that address development challenges in the region, with jobs at the center—giving young people the chance to shape their own future,' said Ms. Bjerde. 'We see the effects of slowing growth, climate shocks, and global policy uncertainty, but Pacific nations are pioneering regional initiatives and investing in the foundations for jobs and inclusive growth.'
In Fiji, Ms. Bjerde attended the Pacific Islands Forum Economic Ministers Meeting where she emphasised the importance of smaller Pacific nations' connectivity to international financial institutions. The World Bank is supporting a regional correspondent banking project that is already active in eight nations with additional countries planning to join.
Advertisement - scroll to continue reading
In Papua New Guinea, Ms. Bjerde met with Prime Minister Hon. James Marape and visited young people supported by an urban youth employment project to build skills and contribute to their communities. 'Supporting inclusive job creation, especially for young people, is key to Papua New Guinea's development and is central to the World Bank Group's approach to promoting prosperity,' she said.
Ms. Bjerde's visit also highlighted the World Bank Group's growing Pacific presence, including new director-level positions in Suva and Port Moresby and a significant increase in technical specialists across the Pacific, bringing global expertise and support closer to Pacific governments.
The World Bank Group has scaled up its operations in Papua New Guinea and the Pacific more than seven-fold over the past 12 years, with 86 active operations totaling US$3.4 billion in commitments. In fiscal year 2025, around half of the Bank's Pacific investment was climate financing, with a focus on building resilience and durable solutions.
Ms. Bjerde concluded her visit in Australia where she met with senior government officials and development partners, and discussed deepening cooperation in the Pacific and Australia's critical support to the region and to IDA, a part of the World Bank Group that provides concessional funds to Papua New Guinea and most Pacific Island countries.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
RNZ News
a day ago
- RNZ News
The Panel with Chris Wikaira and Leonie Freeman Part 1
Tonight, on The Panel, Wallace Chapman is joined by panellists Chris Wikaira and Leonie Freeman. To begin, it's D-Day for the US tariffs, and New Zealand has been hit with a 15% rate. This is a rise from the originally proposed 10%. Kate Acland, chair of Beef and Lamb NZ, joins the panel to unpack how much of an impat this will have on exports. Then, they revisit speed humps in Manurewa: are there too many, or is their presence justified? To embed this content on your own webpage, cut and paste the following: See terms of use.
RNZ News
a day ago
- RNZ News
How bad is the tariff news for NZ, really?
Photo: ARNE DEDERT / AFP New Zealand has been hit with a higher tariff rate than Australia on exports to the US - but economists say the situation could have been worse. It was revealed on Friday that New Zealand exports would have a 15 percent tariff applied, up from 10 percent announced earlier. Australia remains at 10 percent. Brad Olsen, chief executive at Infometrics, said that was a clear challenge for New Zealand. "There is now a wedge between us and Australia." There were other parts of the world that previously had a higher tariff rate that were now on the same level as New Zealand, such as Europe. "Wine, for example, under the original tariffs, we might have had a slight advantage. Now we don't." But he said it was not necessarily true that the country would have been better off had it negotiated a deal. He said New Zealand did not have a lot to "give up" in those negotiations, and it could have ended up being costly . "I'm a little bit surprised by comments, including from the opposition's trade spokesperson, that the government failed to achieve a lower tariff rate. "The comments seem to make the implication that New Zealand could have found a way to come up with a trade agreement that might have given us a lower tariff rate. "That might be true, but we have no idea what we would have had to give up to achieve that… some of what had to be given up by other countries to get a 15 percent tariffs rate is consequential - Japan and other countries had to give up to half a trillion dollars of further investment into the US." He said the impact on New Zealand's trading partners might not be as bad as had been expected, which should prove positive for the economy. "It will be slightly more challenging to export to the US from a New Zealand point of view, but our trading partner activity might not be hit as bad as was feared in April. That's probably a net benefit for us." Mike Jones, chief economist at BNZ, said the increase was not unexpected given indications of the past few weeks. "It's obviously unhelpful for NZ exports into the US, particularly how we line up with those coming from Australia and the UK, given the lower 10 percent baseline tariff rate for those countries. "Beef and wine exports could be affected. It's interesting in this context that we've seen the NZD/AUD exchange rate fall a little today in the wake of the announcements." Kelly Eckhold, chief economist at Westpac, said he thought New Zealand was in roughly the same position as in April. "On one hand, the tariff is higher, so there is a bigger direct cost, but it's a bit lower for a lot of our trading partners, so it's better for the economy than would otherwise be the case." He said how the lingering elements of uncertainty played out over the coming weeks would be important. "The legal basis of these tariffs, whether they're going to be able to continue or need to be replaced with a different type of tariff, is an issue. And the sectoral tariffs have not yet really been negotiated. "While I don't think these things affect the sort of goods New Zealand trades with the US, there may be some impact on our trading partners." He said it seemed strange that the US was calculating tariffs based on which countries exported more than they imported. "The concept that US authorities have had of countries ripping them off by selling more stuff to America than they're been buying is quite myopic. "We're only talking about goods trade here, we buy a lot of services from the US. "In large part, the trade imbalance is a cyclical rather than a structural story. "In the last few years, the economy has been relatively weak compared to the US. We're not sucking in as many imports, and the exchange rate has been lower than would normally be the case, which has encouraged export revenues. "I would have thought trade policy metrics like tariffs would be determined on the basis of structural, not cyclical factors. "All those things could easily be the other way around in a few years' time." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
NZ Herald
a day ago
- NZ Herald
Michelle Montague: the first NZ woman to sign with the UFC
National Minister Erica Stanford and Labour MP Willie Jackson talk NCEA, emergency alerts, oil and gas. Video / Herald NOW Mount Albert Grammar School Principal Patrick Drumm talks NCEA in schools ahead of the looming announcement. Video / Herald NOW MetService Weather: 1 August. Video / MetService Lewis Clareburt has produced a new national record in the 200-metre medley and the Storm have beaten the Eels 16-10. Video / NZ Herald Crimson Education has been valued at NZ$1 billion (US$600 million) - but could its core business, getting kids into Ivy league, be destroyed by AI? Ministerial briefing on NCEA suggests the current system does not support pathways into trades; and rebounding tsunami swells still pose a risk. Video / NZ Herald Today on The Front Page, author Jared Savage joins us to discuss the rising threat of organised crime in New Zealand. MetService national weather July 31 - August 3. Video / MetService From regional TV station to global gold standard documentary production: the story of Natural History New Zealand. Near the start of the livestream of the council meeting, Brown discusses absent councillors. Video / Auckland Council A person has been spotted surfing at Scarborough Beach despite a national tsunami warning. Video / Supplied Judith Collins and Winston Peters say the base will help in the fight against transnational crime. Video / Mark Mitchell Liam Napier and Elliott Smith discuss injury gaps, who will cover the third halfback role and the Lions' win in the lead-up to the All Blacks tour squad naming. Video / NZ Herald Mike Seawright, Director of ReliefAid, speaks to Ryan Bridge about the situation on the ground in Gaza and what urgent action is required to relieve the issues of hunger there. Business with 2degrees: Kiwibank $500M cap raise landing flat and the flightpath for the new Air NZ chief executive.
