24 Nov 2006

Larger Pacific countries need to imporve financial management - says academic

12:03 pm on 24 November 2006

An economics academic Dr Satish Chand is warning larger Pacific countries need to improve their financial management, or risk failing to achieve their millennium development goals by 2015.

Dr Chand reviewed a new Australian treasury report which says that many Pacific nations are failing economically.

The report blamed this on squandered money though poor governance, lack of policies and corruption.

The Australian National University's Dr Chand says bigger countries like PNG and Fiji rate very poorly.

"But you know, our larger countries Papua New Guinea and Fiji, have done exceptionally poorly and thats where the bulk of people live. So the treasury report on the whole has been quite negative but justifiable so given the poor performance in the larger Pacific countries."

Dr Satish Chand says there have been some successes in smaller countries like the Cook Islands and Samoa.