Pacific finance and economic ministers are meeting in Majuro in the Marshall Islands, as global fuel, energy and food pressures place renewed strain on vulnerable Pacific economies.

The 2026 Forum Economic Ministers Meeting (FEMM) is being held from 23 to 24 June and is chaired by Marshall Islands Minister of Finance, Banking and Postal Services David Paul.

The annual Pacific Islands Forum meeting is focusing on regional economic resilience, fuel security, rising import costs, food security vulnerabilities and financial inclusion, with ministers considering how the region can better respond to external shocks.

Pacific Islands Forum Secretary General Baron Divavesi Waqa framed the meeting as a test of regional cooperation.

"As global uncertainties intensify, regional cooperation remains our greatest strength," he said.

"The meeting of the Forum Economic and Finance Ministers will consider and advance collective solutions to strengthen economic security and resilience, stability, and sustainable growth across the Blue Pacific, particularly in today's increasingly complex and uncertain global environment."

Ministers are considering the Pacific Roadmap for Economic Development, under the 2050 Strategy for the Blue Pacific Continent.

Pacific finance and economic ministers gather for the 2026 Forum Economic Ministers Meeting. (Image: Pacific Islands Forum/Facebook)

The meeting follows the Forum Leaders' decision in May to invoke the Biketawa Declaration, with ministers now considering recommendations for a coordinated regional response to the energy crisis affecting Forum member countries.

A Ministerial Talanoa on Navigating the Triple Shock is bringing ministers together with representatives from the energy and fuel industry, private sector, development partners and civil society organisations.

Mr Paul linked the meeting's theme, "Economic and Financial Inclusion in the Pacific", to cost-of-living pressures across the region.

Marshall Islands Minister of Finance, Banking and Postal Services and Chair of the 2026 Forum Economic Ministers Meeting, David Paul. (Image: supplied)

"The current challenges of escalated costs of energy, transport, food, and fuel have once again demonstrated how vulnerable we are to external shocks which are being felt through our heavy dependence on global markets on some of our very basic household needs as well as what sustains our private sector and economic growth," Mr Paul said.

"The increase in the cost of living experienced at the present time tests the resilience of our communities and people, especially those on low or variable incomes, those living with a disability, and those relying on limited social protection."

The Marshall Islands has also pointed to its own recent experience of global disruption.

Mr Paul noted his government declared a 90-day State of Emergency in March after sharp rises in global fuel and commodity prices linked to the Iran conflict.

The measures included action to cushion households, stabilise essential services and contain fiscal pressure.

The meeting is taking place after senior finance and economic officials met in Majuro on 22 June to prepare issues for ministerial consideration.

Secretary of the Marshall Islands Ministry of Finance, Banking and Postal Services Ayako Yamaguchi-Eliou chaired the officials' meeting, which helped shape the ministerial agenda.

Pacific Islands Forum Deputy Secretary General Desna Solofa told officials the region needed more than a narrow response to fuel prices.

"Recent fuel supply disruptions and surges in fuel and energy prices have highlighted the Pacific's vulnerability to external shocks," she said.

"These are having significant implications for energy security, transportation costs, inflation, economic growth and the livelihoods of our people across the region.

"This will require a coordinated regional response rather than a narrow fuel-price intervention."

The World Bank's Pacific Economic Update for May 2026 projects regional economic growth to average 2.8 per cent, down from an earlier forecast of 3.2 per cent.

Officials say rising fuel and shipping costs, supply chain disruptions and global uncertainty have added pressure to inflation, government budgets and external balances across the region.

Work on financial resilience is also taking place on the margins of FEMM.

The second Project Steering Committee Meeting of the Pacific Strengthening Correspondent Banking Relationships Project convened in Majuro alongside the ministerial meeting.

It aims to protect access to the global financial system, including international payments, trade, remittances, tourism transactions and financial services.

Ministers will also take part in the inaugural Pacific Resilience Facility Council meeting on 25 June after FEMM concludes.

The Forum says the council meeting marks an important step towards operationalising the regional financing mechanism, which is aimed at strengthening resilience financing and preparedness.

Energy security remains a key part of the discussions, with Mr Waqa pointing to regional work on fuel supply and the transition away from fossil fuels.

He cited the Manubada Declaration from the recent energy and transportation ministers meeting in Papua New Guinea, which included exploring Papua New Guinea's potential to supply more oil and refined products to the region.

The meeting is expected to inform Forum Leaders on regional and international economic development issues, as Pacific governments seek to deepen cooperation and build a more resilient Blue Pacific.