World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


ADB Assists Tuvalu with $2.35 Million Grant

ADB Assists Tuvalu with $2.35 Million Grant to Help Improve Fiscal Management


MANILA, PHILIPPINES (23 November 2012) – The Asian Development Bank (ADB) has approved a $2.35 million grant to help the Government of Tuvalu improve its capacity to manage revenue and public spending, as well as the performance of its public enterprises.

The Strengthened Public Financial Management Program will assist the government to implement its multiyear policy reform matrix. The matrix, which was developed by the government in collaboration with ADB, the Governments of Australia and New Zealand, and the World Bank, will help improve state management of the economy and public finances.


“Tuvalu has no known mineral resources and few exports, so it’s almost entirely dependent on external sources of revenue and public sector spending, which generate around 88% of economic activity,” said Laisasa Tora, ADB country economist for Tuvalu. “Given the government’s dominant role, sound management of public finance is essential to Tuvalu’s economic performance.”


Tuvalu’s economy has recovered slowly from the effects of the 2008 global economic crisis and its growth outlook remains modest. Revenues come mainly from the development partner-financed Tuvalu Trust Fund, fishing license fees, licensing royalties for the commercial use of the country’s top-level internet domain (.tv), and grants.


To help the government maintain an adequate level of funds to finance its public expenditure programs, strong measures are needed to boost revenue and reduce low priority spending. To achieve this, the ADB-assisted program aims to help the government improve its policies and processes for setting multi-year budget targets, boosting revenues, strengthening budgeting, procurement, reporting, debt management and spending controls.


The program also supports the government’s efforts to advance its public enterprise reform plans through the partial privatization of the government-owned Vaiaku Lagi Hotel and the merger of the Tuvalu Philatelic Bureau, the Tuvalu Post Office, and the Tuvalu Travel Office, which are all retail operations.


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

 
 
 
 
 
World Headlines

 

Breaking: Israel Shelling Beit Hanoun Hospital

The Israeli military have started to shell and shoot at Beit Hanoun hospital. There are still 61 medical staff and civilians, three patients and two International Solidarity Movement volunteers trapped inside. More>>

UN: Urgent Action To End Female Genital Mutilation UN: Urgent Action To End Female Genital Mutilation

New UN data shows need for urgent action to end female genital mutilation, child marriage More>>

World News: SRI LANKA: Justice Denied To Two Child Victims Of Rape
There have been reports of an alleged abduction and rape of an eleven-year-old girl by a group of Navy officers, and of another nine-year-old girl treated in a similar manner. More>>

‘Global Epidemic’ Of Anti-Semitism NGO Urges UN To Condemn ‘global Epidemic’ Of Anti-Semitism

French riot police officers face rioters in Sarcelles, a suburb north of Paris, on July 20, 2014. More>>


IDF Falsifies Photograph To Justify Bombing El-Wafa Hospital IDF Falsifies Photograph To Justify Bombing El-Wafa Hospital

On the 21st July at 2:17 PM, the IDF spokesperson released an image on twitter showing an aerial picture of a building marked as ‘Al-Wafa’ hospital. In the image there is a red circle, which they designated as the location from which a M75 rocket was ... More>>

MH17: Black Boxes Recovered by Malaysian Government

'Following the agreement Prime Minister Najib Razak brokered with rebel leaders, Malaysia has taken custody of flight MH17's black boxes. As the Prime Minister said, they will be passed to the international investigation team for analysis. More>>

ALSO:


Gaza Update On 15th Day Of The Israeli Offensive

Dozens of Palestinian Civilians Killed or Wounded as Israeli Forces Attack Apartment Buildings, Mosques, Hospitals and Schools; White Phosphorous Bombs and Flechette Shells Fired by Israeli Forces in Border Areas... More>>

Al Jazeera: Egypt Verdict Defies Logic And Any Semblance Of Justice

Following today’s verdict in Cairo, Al Jazeera English managing director Al Anstey said: “Today three colleagues and friends were sentenced, and will continue behind bars for doing a brilliant job of being great journalists. More>>


Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news