Results for Business

The Asian Development Bank (ADB) is providing assistance to the Pacific to help design and deliver renewable energy products to the region through a $3 million grant for the development of small pilot projects in Papua New Guinea, Solomon Islands, and Vanuatu.

The Governor of the National Reserve Bank of Tonga, Mrs Siosi Cocker Mafi, stated that at its meeting on 28 July 2009 the Reserve Bank Board noted that economic activity continued to slow down due to the impact of the global financial crises and contributing to this slow down is the decline in domestic credit growth. Domestic banks are tightening their lending criteria due to high non performing loans.

Tonga's official Foreign Reserves held by the National Reserve Bank for June rose by $4.2 million pa'anga to $136.3 million, the highest so far for the year.

Seventeen licenses have been issued to sea cucumbers operators to fish, process and export dried beche-de-mers from Tonga for the 2009 season, which runs from April 1 until the end of September.

Tonga's official Foreign Reserves held by the National Reserve Bank of Tonga for May fell by half a million pa'anga to $132.1 million, the equivalent of 4.6 months of imports of goods.

Tonga needs to enact insurance legislation, and could do so before 2010, says a newly released report on Insurance and Related Topics that was prepared for Government's National Economic Development Council.

Five licences were issued last week to sea cucumber operators to fish and to export sea cucumber from Tonga for the 2009 season, which runs from April 1 until the end of September.

Tongan seasonal workers who are picking almonds in Robinvale, Victoria are earning good money and sending remittances back to their families in Tonga, reports Vava'u People's Representative 'Etuate Lavulavu.

Fuel prices rose throughout Tonga today with motor spirits reaching $2.22 per litre in Tongatapu and up to $2.95 in Niuatoputapu.