World Bank Governor's Statement No. 9 - October 13, 2023 - Statement by Casten Nemra, Governor of the IBRD for the Republic of the Marshall Islands

Jul 19, 2026

Governor Casten Nemra delivers the 2023 Pacific Statement to the World Bank Group’s Annual Meeting, speaking on behalf of multiple Pacific countries. The statement reviews overlapping economic, fiscal, and debt pressures intensified by COVID-19 and the invasion of Ukraine, while emphasizing urgent climate resilience and adaptation needs. It calls for expanded access to finance, targeted financial inclusion, stronger governance and capacity-building support, and increased access to climate finance. The address also highlights sustainable blue economy priorities, human capital and workforce development, and the need for resilient public health systems.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages5

Reading Time13 min

2023 Pacific Statement

Prolonged Economic and Fiscal Challenges

Climate Resilience and Adaptation

Access to Finance and Capacity Building

Sustainable Blue Economy

Human Capital Development and Workforce Development

Public Disclosure Authorized Public Disclosure Authorized World Bank Governor's Statement No. 9 October 13, 2023 Statement by the Hon. CASTEN NEMRA, Governor of the IBRD for THE REPUBLIC OF THE MARSHALL ISLANDS, ON BEHALF OF THE FEDERATED STATES OF MICRONESIA, KIRIBATI, MARSHALL ISLANDS, NAURU, PALAU, SAMOA, SOLOMON ISLANDS, TUVALU AND VANUATU Statement by the Hon. Casten Nemra, Governor of the IBRD for the Republic of the Marshall Islands, on Behalf of the Federated States of Micronesia, Kiribati, Marshall Islands, Nauru, Palau, Samoa, Solomon Islands, Tuvalu and Vanuatu Honorable Governors, Distinguished Delegates, Ladies and Gentlemen, On behalf of the Pacific countries of the Federated States of Micronesia, Palau, Samoa, Solomon Islands, Tuvalu, Vanuatu, and my own country Marshall Islands, I am honored to deliver the 2023 Pacific Statement to the Annual Meeting of the Board of Governors. I extend warm Pacific greetings to all, and utmost gratitude to the World Bank Group and the IMF for organizing this session. I also extend our sincere gratitude to the host country of Morocco, and take this opportunity to once again convey heartfelt sympathy and deepest condolences to the Moroccan people following the devastating earthquake that claimed so many precious lives. 1. Prolonged Economic and Fiscal Challenges The Pacific countries consider the years 2020 to 2023 to be the most challenging years that our region has faced in the last decades due to the damaging economic and fiscal challenges brought by the pandemic. The Covid-19 impacts continue to reverberate today. Additionally, the impacts of the Russia’s invasion of Ukraine have dramatically increased the cost of living facing our people, inflating development costs, slowing economic recovery, and significantly increased borrowing costs. Debt levels continue to rise, yet investment needs in the Pacific, including infrastructure development and climate change response, continue to escalate. The challenges we face are complex, but the potential for positive change is immense. Through collaboration, innovation, and strategic investments, we can build a resilient and prosperous Pacific for generations to come. 2. Climate Resilience and Adaptation Recognizing that our region is on the frontline of climate change impacts, we emphasize the urgent need for enhanced support in building climate resilience and adaptive capacities. In our region we are seeing more frequent drought periods, stronger cyclones, coastal erosion and sea-level rise. We call for increased investments in renewable energy, sustainable agriculture, coastal protection, and disaster risk reduction to safeguard our communities and ecosystems. We welcome the recent initiatives at the World Bank and the IMF to enhance climate response measures, such as the IMF Resilience and Sustainability Trust, the new World Bank Climate Resilient Debt Clause and the Crisis Response Toolkit. We call on the Bank and the Fund to deploy targeted outreach to Pacific Islands to increase awareness and uptake of these important crisis tools. 3. Access to Finance and Capacity Building Access to finance remains a significant challenge for our nations, particularly for the most vulnerable and remote communities. We request the World Bank to expand its financial inclusion initiatives tailored to the Pacific context. This includes addressing financial exclusion imposed upon our people as a result of global regulations and closures of correspondent banking relationships. We call on the World Bank and IMF to strategically engaged with other relevant international organizations such as the G20 and the Financial Action Task Force, to defend and support the Pacific interests in global financial regulation forums. Moreover, continued capacity building is critical for enhancing governance and improving project implementation. To be able to catch up on development goals post COVID-19, we call on scaled up capacity buildi

FAQs

What major economic pressures does the statement highlight for Pacific countries?

It points to severe economic and fiscal challenges since 2020, with COVID-19 impacts continuing, higher living costs from the Russia-Ukraine war, rising borrowing costs, and increasing debt alongside growing investment needs.

What climate actions and support does the statement call for?

It calls for enhanced support to build climate resilience, more investment in renewable energy, sustainable agriculture, coastal protection, and disaster risk reduction, and it welcomes World Bank/IMF climate and crisis tools while urging targeted Pacific outreach.

How does the statement address access to finance and capacity building?

It requests expanded financial inclusion tailored to the Pacific, addressing financial exclusion from global regulations and correspondent banking closures, and it emphasizes capacity-building support for governance and project implementation, including hands-on expanded support.

Jul 19, 2026

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