Foreign Reserves held by the National Reserve Bank of Tonga rose by $3.6 million, from $253.7 million in November to $257.3 million in December, or 9.3 months of imports.
Although the Nuku’alofa Central Business District project has been handed over to the Government of Tonga, a 12-months period binds the contractor to fix any fault identified by landholders.
Six years ago on November 16, 2006 the heart of Nuku’alofa’s Central Business District was destroyed by rioters but today a new town of commercial buildings, a wharf and roads was handed over to the Government of Tonga.
The long awaited report of a Parliamentary Select Committee on how the Nuku’alofa Development Corporation NDC administered and spent the TOP$118 million loan from China for the reconstruction of Nuku’alofa, is still being prepared, according to Dr Sitiveni Halapua, a member of the Select Committee.
The Nuku’alofa Central Business District CBD is like a town that is getting ready for a party, new buildings, new roads, new car park, and even a new wharf, and all that we are waiting for now are for the guests to arrive. Six years after riots destroyed the heart of Nuku’alofa on November 16, 2006, the reconstruction work funded by an TOP$118 million loan from China is expected to be completed by March 31 this year.
The opening date for the new Vuna Wharf, reconstructed at a cost of $30 million and scheduled for early 2012, remains uncertain, with work still to be done around the wharf site before it can open for business. Mosese Lavemai, the CEO of the Nuku’alofa Port Authority, said on February 1, that although the reconstruction of the actual wharf was completed ahead of schedule in December 2011, additional work needed to be completed around the wharf before a date is set for an opening.
Multi-million pa’anga projects to improve public roads throughout Tonga over the next two years have started while others are on the drawing board to be financed under three different programs funded by Chinese loans and a grant from the Asian Development Bank.