The 3rd Japan-Pacific Islands Finance Ministers’ Meeting (May 4, 2026)

                                                                 
On May 4, 2026, the third Japan-Pacific Islands Finance Ministers’ Meeting was held in Samarkand, Uzbekistan, with the attendance of 13 Pacific Island Countries (PICs). Ms. KATAYAMA Satsuki, Minister of Finance, Japan, and Hon. Rexson RAMOFAFIA, Minister of Finance and Treasury, Solomon Islands, co-chaired the meeting.

During the meeting, Ministers from PICs appreciated Japan’s launch of “Partnership for Strengthening Energy and Resource Resilience in Asia (POWERR Asia),” which involves financial cooperation of approximately 10 billion dollars to enable both emergency and structural responses. They also exchanged candid views on key development issues facing PICs, such as sustaining correspondent banking relationships (CBRs), promoting disaster risk financing (DRF), and strengthening domestic resource mobilization (DRM).

The outcomes of the discussion are summarized in the “Co-Chairs’ Summary of the 3rd Japan-Pacific Islands Finance Ministers’ Meeting(PDF:214KB)” The main points are as follows:

Ministers emphasized that CBRs are essential for building a more inclusive and resilient economy. Ministers from PICs appreciated Japan’s proactive role in the World Bank’s CBR Project. In particular, they welcomed Japan’s leadership in developing the Pacific Payment Mechanism under the project, including the Principles as an input for its design, which was discussed at the outreach session with Australia, New Zealand and the United States. They also expressed appreciation for Japan’s efforts to promote reforms related to AML/CFT/CPF. 

• Ministers emphasized that CBRs are essential for building a more inclusive and resilient economy. Ministers from PICs appreciated Japan’s proactive role in the World Bank’s CBR Project. In particular, they welcomed Japan’s leadership in developing the Pacific Payment Mechanism under the project, including the Principles as an input for its design, which was discussed at the outreach session with Australia, New Zealand and the United States. They also expressed appreciation for Japan’s efforts to promote reforms related to AML/CFT/CPF.
• Ministers reaffirmed the strengthening DRF is essential for ensuring more predictable and responsive fiscal resilience to natural disasters in the Pacific region. Ministers from PICs welcomed Japan’s contribution to establish a new multi-donor trust fund “Pacific Pre-arranged Resources for Enhancing Preparedness And Resilience (P-PREPARE)” under the Asian Development Bank (ADB), as well as Japan’s recent plan to provide a new ODA loan that incorporates the Climate Resilient Debt Clause (CRDC) for the first time.
• Ministers underscored that DRM is a pathway to foundation for sustainable development. Ministers PICs appreciated Japan for hosting the Tax and Development Conference under the Platform for Collaboration on Tax (PCT), consisting of the IMF, the Organisation for Economic Co-operation and Development (OECD), the United Nations (UN), and the World Bank, in Tokyo, Japan. They also welcomed Japan’s continued support for their customs administrations, in collaboration with the World Customs Organization (WCO) and the Oceania Customs Organization (OCO) , to develop their revenue collection capacity and to facilitate trade.