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


Private Sector Reforms To Bring Tonga Long-Term Benefits

Private Sector Reforms To Bring Tonga Long-Term Economic Benefits-ADB

NUKU’ALOFA, TONGA (23 January, 2013) – Despite facing immediate economic challenges, far-reaching private-sector oriented reforms will bring long-term benefits to the Tongan economy, according to the Asian Development Bank’s (ADB) Private Sector Assessment for Tonga, released today.

The private sector assessment recommends ways to improve the business environment and promote growth by removing constraints that raise business costs and discourage investment. It identifies policies to promote growth and alleviate poverty by reducing the role of the state in the economy, upgrading infrastructure, improving access to finance and modernizing business laws.

“The publication provides a guide to the development of a vibrant private sector in Tonga,” said Andrea Iffland, Regional Director of ADB’s Pacific Liaison and Coordination Office in Australia. “The private sector assessment aims to assist the government with job creation and suggests ways in which the country’s prosperity could be improved by removing constraints to investment.”

The ADB report shows that Tonga has embraced a number of private-sector reforms aimed at improving the environment for business in Tonga. Reforms include: Passing a new Companies Act in 2009, the installation of an electronic registry which will reduce the cost of starting a business, simplifying the business licensing regime and the government has embarked on a program to improve the efficiency of Tonga’s state-owned enterprises. ADB supported the implementation of many of these reforms, which will bring long-term benefits to the economy and the people of Tonga.

The assessment concludes that while much has been achieved to date, much more needs to be done. The study’s recommendations will help address constraints to private sector growth and development.

ADB’s private sector assessment of Tonga was prepared in close consultation with government, and the private sector. It is part of ongoing analytical work undertaken by the Pacific Private Sector Development Initiative (PSDI) that is co-financed by ADB and AusAID. PSDI is a knowledge hub with a team of technical experts who focus on: business law reform, access to financial services, state-owned enterprise reform and public-private partnerships. Through their reform activities, ADB in partnership with the governments of Pacific developing member countries and other development partners is lifting the barriers to business growth in the Pacific.

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.


© Scoop Media

World Headlines


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>>


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>>


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>>


At The UN: Paris Climate Agreement Moves Closer To Entry Into Force

The Paris Agreement on climate change moved closer toward entering into force in 2016 as 31 more countries joined the agreement today at a special event hosted by United Nations Secretary-General Ban Ki-moon. More>>



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>>


Other Australian Detention

Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news