Majuro, Marshall Islands - The Government of the Republic of the Marshall Islands, in partnership with the United Nations Development Programme (UNDP), have launched a Development Finance Assessment (DFA) Report, carefully mapping a broad range of past, current, and anticipated sources of development finance available to support development in the country.
The finalization of the DFA coincides with the Government’s initiative to develop a new 2020-2030 National Strategic Plan (NSP). This will form the apex planning framework, setting out RMI’s national vision and long-term development goals. The DFA will be a key ingredient into this process, helping to ensure that the NSP not only clearly articulates national priorities, but that it can also be backed up with clear strategies for how they can be financed.
Speaking at the launch, RMI Minister of Finance, Hon. Brenson Wase noted that the assessment will help to inform the new National Strategic Plan, in particular supporting efforts to overcome challenges to creating a more resilient and faster growing economy.
RMI faces significant challenges in driving forward development and realizing national development goals, and the DFA exercise was part of efforts to ensure that RMI is able to make the best possible use of all available resources. This is particularly important given that key financial provisions in the current Compact of Free Association with the United States is scheduled to come to an end in 2023.
The analysis in the report provides a solid foundation for an evidence-based approach to development financing in RMI, underlining the importance of accelerating progress in key reform areas such as Public Financial Management and management of State-Owned Enterprises for financial sustainability.
The assessment not only examines the available resources, but also how systems and processes work to allocate resources to national priorities, how progress is being measured, and the structures in place to ensure accountability.
UNDP Deputy Resident Representative Karin Takeuchi underlined that “the public sector plays a crucial role in RMI’s development finance landscape, so it is vital to ensure that available resources are channeled towards national priorities in the most efficient way”.
By taking an integrated approach to analysis of how RMI’s development ambitions can be financed, the DFA is intended to make a valuable contribution to key national decisions on development priorities.
The DFA launch was held at the International Conference Center in Majuro on Thursday 29 August 2019 and was attended by key stakeholders from across government and Asian Development Bank staff working on public financial management.
You can download the full report here.
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