Results for World Bank

Prime Minister Hon. Hu’akavameiliku held a bilateral meeting with the Executive Director of the World Bank, Group of Southeast Asia, Dr. Wempi Saputra, on 26 September, at Washington D.C., where they discussed upon areas that could better assist Tonga in line with the goals of the World Bank, of ending extreme poverty and promoting shared prosperity, focusing on sustainability, resilience, and inclusiveness.

The Australian and New Zealand governments have renewed their commitment to the World Bank’s work in the Pacific through an agreement to strengthen cooperation in the region over the next eight years.

Additional financing from the World Bank will strengthen Tonga’s resilience to future disasters and climate-related emergencies. The board has approved US$19.5 million (approximately TOP46 million) in additional funding for disaster recovery and resilience projects in Tonga. Since 2018, multiple disasters including Gita, Harold and Hunga, have caused an estimated US$457 million in damages and loss for Tonga.

A new Establishment Agreement signed between the Government of Tonga and the World Bank Group on August 24 is committed to forging a stronger partnership, said the bank.

The combination of export bans, hoarding, and supply shortages has meant that COVAX has so far managed to deliver only one in five of the Oxford-AstraZeneca doses that were supposed to arrive in countries by the end of this month. At this rate, advanced economies will be able to vaccinate their entire populations before many low-income countries even begin their vaccine rollout. By Rosalind McKenna

A US$30 million Development Policy Operation to support Tonga’s recovery from the impacts of COVID-19 and Cyclone Harold, was approved by the World Bank’s Board of Executive Directors on 15 December.

Despite the hard time that the Tongan economy is going through at the moment, there are some signs of new investment taking shape at the Small Industries Centre at Ma'ufanga. But most of the 64 businesses in operation at the SIC are reeling from the impact of the events of 2020. Recently, the Tonga Asset Managers and Associates Ltd. TAMA has identified a 67% average drop in sales by businesses located at the SIC and only two of the businesses are exporting. By Pesi Fonua.

The World Bank should no longer publish its Doing Business index, owing to its flawed design and vulnerability to manipulation. The Bank also owes the developing world an apology for all the harm this misleading and problematic tool has already caused. By Jayati Ghosh.

Feletoa and Taoa students celebrated the commissioning of their new classrooms at two Government Primary Schools in Vava'u on August 19.