Fiji, May 6 -- The Asian Development Bank (ADB) says it is working with global financial institutions to prevent Pacific economies from being cut off from the international banking system as correspondent banking relationships continue to decline across the region.

Responding to concerns raised at the ADB Annual Meeting in Samarkand, ADB Director General for the Pacific Department, Emma Veve acknowledged that the withdrawal of correspondent banks remains a growing structural challenge for small island economies.

"Given how critical these financial lifelines are, particularly for Pacific development, we are working right across the region in coordination with both the World Bank and the International Monetary Fund (IMF)," Veve said.

She...