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

 


ADB Assists Tuvalu With $2.35m Grant for Fiscal Management


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.

*****

© Scoop Media

 
 
 
 
 
World Headlines

 

MSF: Ebola Crisis Update - 16th October 2014

16 October 2014 Cases Deaths Guinea 1,472 843 Liberia 4,249 2,458 Nigeria 20 8 Sierra Leone 3,252 1,183 Senegal 1 0 Total 8,994 4,492 WHO Figures - Data are based on official information reported by Ministries of Health. These numbers are subject to change ... More>>

ALSO:

Detroit: City-Backed Water Shut-Offs Contrary To Human Rights

20 October 2014 – The city of Detroit must restore access to water for its citizens who remain unable to pay their bills, two United Nations experts urged today, adding that a failure to do so would be a violation of the most basic human rights of those ... More>>

ALSO:

DR Congo: Head Of UN Mission Condemns Deadly Rebel Attacks

A MONUSCO APC is greeted by FARDC soldiers on their way back from the front line in the Beni region of the DRC where the UN is backing the FARDC in an operation against ADF militia. Photo: MONUSCO/Sylvain Liechti More>>

UNESCO Chief Denounces Killing Of Cambodian Journalist

17 October 2014 – The head of the United Nations agency tasked with defending press freedom today denounced the killing of a Cambodian reporter shot while investigating illegal logging in the eastern part of the country. More>>


UN Lauds Role Of Family Farmers In Ending Global Hunger

A farmer at work in a dragon fruit field in Viet Nam (July 2013). Photo: FAO/Hoang Dinh Nam | See more photos More>>


Funding Gap Looms Amid Efforts To Tackle Ebola & ISIS

Funding Gap Looms Amid Efforts to Tackle ‘Twin Plagues’ Ebola, ISIL, Warns UN Rights Chief More>>

ALSO:

  • The White House - Ebola: What You Need to Know

  • Egypt Sentences Another Al Jazeera Journalist

    In another disturbing move against freedom of speech and independent journalism in Egypt, one of Al Jazeera Arabic channel’s presenters, Ahmed Mansour, has been sentenced in absentia to fifteen years imprisonment by Cairo’s criminal court on the absurd ... More>>

    ISIL Advance On Iraqi Town Unleash New Flood Of Displacement

    Syrian Kurds from the town of Kobane seeking shelter in Iraq's Kurdistan region. Photo: UNHCR/D. Nahr More>>

    ALSO:

  • U.S. Department of State - U.S. Condemns ISIL Attacks in Iraq

  • Get More From Scoop

     
     
     
     
     
    World
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news