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

 

Gordon Campbell: On The Death Of Fidel Castro

New Zealand likes to think we played our part – via the 1981 Springbok tour – in bringing the apartheid regime in South Africa to an end… Jacob Zuma treated the death of Fidel Castro at the weekend as an occasion to pay a heartfelt tribute to the thousands of Cuban soldiers who travelled across the world to inflict the first significant military defeat on the forces of white supremacy. More>>

ALSO:

Gordon Campbell: On The US Election Home Stretch

Once again at the business end of a US election, the result will hinge on the same old bits of geography as always: the Five Crucial Counties in Ohio, the Two Crucial Counties in Pennsylvania and the I-4 Interstate Corridor in Florida that runs from Tampa Bay through Orlando to Daytona Beach. More>>

ALSO:

Meanwhile:

Haiti: $5 Million To Kick-Start Aid In Wake Of Hurricane Matthew

UN emergency fund allocates $5 million to kick-start assistance in wake of Hurricane Matthew More>>

ALSO:

Preliminary Results: MH17 Investigation Report

The Joint Investigation Team (JIT) is convinced of having obtained irrefutable evidence to establish that on 17 July 2014, flight MH-17 was shot down by a BUK missile from the 9M38-series. According to the JIT there is also evidence identifying the launch location that involves an agricultural field near Pervomaiskyi which, at the time, was controlled by pro-Russian fighters. More>>

ALSO:

Not Helen Clark: António Guterres Favourite For Next UN Secretary-General

Former Portuguese Prime Minister António Guterres has emerged as the clear favourite to become the next United Nations Secretary-General following the sixth secret ballot held today by the UN Security Council, which is expected to take a formal decision tomorrow and forward Mr. Guterres’ name to the 193-Member General Assembly for final confirmation. More>>

ALSO:

Gordon Campbell: On The End Game In Spain (And Other World News)

The coverage of international news seems almost entirely dependent on a random selection of whatever some overseas news agency happens to be carrying overnight... Here are a few interesting international stories that have largely flown beneath the radar this past week. More>>

Amnesty/Human Rights Watch: Appalling Abuse, Neglect Of Refugees On Nauru

Refugees and asylum seekers on Nauru, most of whom have been held there for three years, routinely face neglect by health workers and other service providers who have been hired by the Australian government, as well as frequent unpunished assaults by local Nauruans. More>>

ALSO:

Other Australian Detention

Get More From Scoop

 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news