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

 


World Bank Supports Kiribati Economy

WASHINGTON, December 11, 2013 - The World Bank’s Board of Executive Directors today approved a US$5.2 million grant for the First Economic Reform Development Policy Operation to help strengthen the delivery of public services and improve the sustainability of public finances in Kiribati.

Kiribati faces many challenges that are unique to small island nations, including remoteness from markets, a widely dispersed population, and vulnerability to economic shocks,” said Franz Drees-Gross, Country Director for the World Bank in Timor-Leste, Papua New Guinea, and the Pacific Islands. “This operation will enable the Government of Kiribati to address some of the current economic challenges the country faces by supporting policies that promote long-term economic sustainability.“

The First Economic Support Development Reform Operation is the first of two planned operations for the Government’s Economic Reform Plan. These operations will provide finance directly to the budget. This first operation focuses on three key areas: increasing revenue through tax reform and administration of fisheries resources; improving the management of public assets and liabilities; and expanding private sector opportunities, including through reform of the telecommunication sector.

“We are committed to building a stronger economy with sustainable economic development that will allow us to continue to invest in critical services such as health and education,” said Hon. Tom Murdoch, Kiribati’s Minister of Finance and Economic Development. “This operation contributes to the implementation of our Economic Reform Plan, which will help Kiribati be better prepared to deal with future external pressures, such as economic shocks, natural disasters and the longer-term challenge of climate change adaptation.”

Kiribati is one of the most isolated countries in the world. Made up of 33 low-lying islands spread over 3.5 million square kilometres of ocean – an area the size of India - the population of around 100,000 people lives on 20 coral atolls and a single island.

The operation is funded through a US$5.2 million grant from the International Development Association (IDA), the World Bank’s fund for the poorest countries.

ENDS

© Scoop Media

 
 
 
 
 
World Headlines

 

UNHCR: More Than 300 Die In Boat Tragedies On Mediterranean

The past few days have been the deadliest this year for people making irregular crossings on the Mediterranean from North Africa to Europe More>>

UN: Egyptian Crossing Used To Bring Food Aid To Gaza
United Nations World Food Programme (WFP) successfully crossed from Egypt into the Gaza Strip today, carrying enough food to feed around 150,000 people for five days More>>

ALSO:

Extended Cease Fire: Gaza Celebrates!!!!

Images and video from Gaza.Scoop - Julie Webb Pullman in Gaza. Gazans took to the streets tonight to celebrate their victory in achieving the end of hostilities and the lifting of the illegal seven-year siege. Whatever tomorrow may bring, tonight was a time to rejoice! More>>

ALSO:


Iraq: Killing Of Dozens Of Sunni Worshippers In Eastern Iraq

22 August 2014 – Condemning in the strongest terms the reported attack on a mosque in eastern Iraq, Secretary-General Ban Ki-moon today called on all Iraqi authorities to ensure that the attack is properly investigated and its perpetrators held to account. More>>

ALSO:

  • UN Watch - UN Urgent Session on Iraq, Demands "Concrete Outcomes"
  • UNICEF: Honours Life, Tireless Work Of Richard Attenborough

    Film producer and director Sir Richard Attenborough was introduced as the new Goodwill Ambassador for the UN Children's Fund (UNICEF) on 28 October 1987. UN Photo/Milton Grant More>>

    UN: Flight Restrictions Hamper Ability To Battle Ebola

    UNICEF and partners visit a crowded market in Conakry, Guinea, to explain to vendors how they can protect themselves and their families from Ebola. Photo: UNICEF Guinea More>>

    Get More From Scoop

     
     
     
     
     
    World
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news