17 Aug 2004

Call for Forum Island countries to set up regional financial institution

4:33 pm on 17 August 2004

A Fiji research group says there should be discussions around setting up a regional financial institution.

Aisake Casimira, the director of Fiji's Ecumenical Centre for Research, Education and Advocacy, says international financial institutions have too many conditions attached to their loans.

He says the World Bank, the International Monetary Fund and the Asian Development Bank all promote economic reforms which are imposed on countries.

Mr Casimira says the region still needs the international institutions for infrastructure or large scale development projects but alternatives should be investigated.

"What is the possibility of creating a financial institution that serves the needs of Pacific island countries, including Australia and New Zealand - what would be the mandate for it, what would be its constituency, all those possibilities need to be explored."

Aisake Casimira.