Towards Effective Economic Governance in Tonga

16 December 2012 During the last two weeks, ?the Ministry of Finance & National Planning ?hosted a team of experts from the World Bank Group who visited Tonga to discuss a series of economic policies to help improve growth, including a new plan to strengthen public finances through effective debt management. The move is expected to support Tonga's long-term economic recovery especially after the global financial crisis. The team of experts met with key staff officers of relevant government ministries,? as well as agencies outside government.

"This is a critical time for the Tongan economy," said the Hon. Lisiate 'Aloveita 'Akolo, Minister for Finance and National Planning, "In particular, the Government is developing?effective?steps to manage Tonga's high debt situation. This is?vital to ensure?our people?can continue to?access? public services like health and education, not just now but for future generations."

Managing the country's debt is a priority for the Ministry of Finance and National Planning to ensure a sustainable and more robust economy. Tonga's current external debt is approx. TOP$335m, its highest ever, with two large concessionary loans from the EXIM Bank of China, the first amounting to approximately T$120m for the reconstruction of the Nuku'alofa Central Business District (CBD) and the second amounting to approximately $80m for road improvements.

The team of experts led by Mr. Alvaro Manoel from the World Bank's Economic Policy and Debt Department has been in Tonga since 29^th November, 2012 to prepare a National Debt Management Strategy and provide training for the Debt Management Section of the Ministry of Finance and National Planning. The team is preparing recommendations on alternative options for debt servicing, and how to implement them. The team's report will be essential for the preparation of future fiscal budgets.

ENDS

Issued by the: Ministry of Finance and National Planning, Nuku'alofa, 2012. Dated 12.12.2012

Source: http://www.mic.gov.to/news-today/press-releases/4189-towards-effective-economic-governance-in-tonga

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