Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


ADB Helps Marshall Islands Improve Public Service Delivery


ADB Helps Marshall Islands Improve Public Service Delivery And Fiscal Sustainability

MANILA, PHILIPPINES (27 November 2012) – The Asian Development Bank (ADB) has approved a $5 million loan to boost public service delivery and help the Government of the Republic of the Marshall Islands (RMI) achieve fiscal sustainability through improving government finances.

The second subprogram under the RMI Public Sector Program supports the implementation of the government’s reform initiatives and initiates adjustments required to achieve long-term fiscal sustainability. Through the $9.5 million subprogram, approved in August 2010, policy actions were designed and the implementation of immediate reform priority reforms began. Subprogram 2 will complete the implementation of the policy actions. The Ministry of Finance is the executing agency for the program, and will oversee all policy, legal, and regulatory actions to be undertaken in connection with the program.

“Fiscal and structural reforms are needed to achieve fiscal sustainability and generate medium-term economic growth in Marshall Islands,” said Hayden Everett, Financial Sector Specialist in ADB’s Pacific Department.

The RMI economy relies heavily on government expenditure and on foreign grants which fund more than two-thirds of government expenditure. Economic growth over the medium term in the RMI is expected to stay low at around 1.5% and revenues are projected to decline. Because of this low-growth scenario, the RMI needs to adjust to the annual decline of the grants it receives from the United States under the Compact of Free Association, which will expire in 2023.

Structural reforms implemented by the program include the introduction of new legislation covering state-owned enterprises, tax, and fiscal responsibility and debt management; the adoption and implementation of reform plans for selected state-owned enterprises to improve their performance; and the completion of a public sector workforce audit and planning exercise. The tax reforms will boost domestic revenue collection, while implementing state-owned enterprise reforms and reducing public expenditures will contribute to improving the fiscal balance.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members – 48 from the region. In 2011, ADB approvals including co-financing totaled $21.7 billion.

*****

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news