00:01The Asian Development Bank says growth in the Pacific could slow sharply this year,
00:07falling from 4.2% in 2025 to 2.8% in 2026 and as low as 2% under
00:15a severe downside scenario.
00:17According to the bank, the downgrade reflects worsening global conditions
00:22linked to energy supply disruptions caused by the conflict in the Middle East.
00:26We have received requests for support from several Pacific countries already
00:32and we are working toward quickly delivering it.
00:35For instance, in the Salomon Island, it is supporting the 15 megawatts
00:40Tinar River hydropower project.
00:43This project is expected to provide about 70% on the capital.
00:48Onyara's electricity was completed in 2028.
00:53Officials across the region say the first effects are already being felt.
00:58The Asian Pacific is the region most severely affected by the Middle East conflict.
01:03For instance, Tonga spends over 10% of GDP on cost-effective imports.
01:09In response, financial support measures are now being expanded across the region.
01:14We are using our trade and supply chain finance program as an immediate tool for short-term finance.
01:21We are actually providing fast dispersing budget support to protect global corporations.
01:28Finally, we are deploying rapid response and medium-term institutions' tools to stabilize economies.
01:34The crisis is also increasing pressure for closer regional cooperation.
02:01For now, uncertainty in energy markets continues to shape the region's economic outlook.
02:07Hence the
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