At the meeting, progress on the work agenda was reviewed, as were forthcoming activities in the framework of the Paracas Declaration
The 7th Meeting of Pacific Alliance (PA) Finance Ministers took place on October 9 in Lima, Peru.
The ministers reviewed the tasks that had arisen from the work agenda of the Paracas Declaration and the next steps to be taken in this regard.
- Management of catastrophe risks: it was agreed that a study should be carried out in order to implement a financial mechanism that would allow shared risk transfer following natural disasters.
- Investment in infrastructure: a study will be carried out for the implementation of a financial vehicle for infrastructure investment, including revision of the legal, regulatory, fiscal, and financial frameworks.
- Fiscal management and transparency: the objective is to achieve high standards in fiscal management.
- Financial integration: progress was made on the mutual and effective recognition of capital market issuers in PA countries. The ministers also sought to promote financial inclusion mechanisms, through financing for small and medium-sized enterprises (SMEs) and support for electronic money and payments.
Finally, it was emphasized that the presidents of the PA countries expressed at the 70th Session of the United Nations General Assembly in New York that financial and economic integration are the next step towards regional integration in the framework of the PA initiative.