The Forum Economic Ministers met in Port Vila, Vanuatu 27-29 October to discuss Food and Energy Security.Ministers agreed that while the food and energy prices have started to decrease, on average they remained elevated and acknowledged the need to maintain the momentum on various national reform and adjustment efforts.
"We have just concluded a very successful FEMM. And I wish to thank all my colleague Ministers and the Secretary General and his staff for making it the success it is. It is a very successful meeting in that a number of very important decisions have been made," says Hon. Sela Molisa, Vanuatu's Minister of Finance and Economic Development, who chaired the meeting.
"On the issue of the Bulk Procurement of Petroleum, I am very pleased this FEMM has finally advanced the issue following the Forum Leaders meeting in Niue. Three countries including Cook Islands, Nauru and Tuvalu have signed the MOU which means that work on the process for the initiative will start. Other countries have indicated their intention to sign in the near future," says Hon. Molisa.
Mr Molisa added: "On the global financial crisis, the Ministers noted the very serious negative impact that the global economic crisis will have on the regional growth prospects. We thank the international financial institutions for the information we have received. Ministers noted some possible mitigation measures including consolidating fiscal positions, easing monetary policy and reinvigorating structural reform."
The rest of the decisions made by the Ministers are contained in the Forum Economic Action Plan 2008.