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Thursday 23 June 2016
Nuku'alofa, Tonga
In its latest state of the economy report, the International Monetary Fund (IMF) has called on Tonga to improve its debt management, make broader reforms to increase revenue, and to effectively manage public spending. In the IMF’s 2016 Article IV report released this week, Tonga was also encouraged to continue to seek concessional and grant financing for the South Pacific Games, while the report welcomed Tonga’s efforts in curbing the wage bill and avoiding cost overruns. It urged Tonga to provide more opportunities for private sector development.
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Friday 3 June 2016
Nuku'alofa, Tonga
Tonga has received a $3 million grant and a $3 million loan approved by the Asian Development Bank (ADB) to strengthen long-term economic growth and to have the capacity to respond to external economic shocks such as those caused by natural disasters.
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Wednesday 1 June 2016

Nuku'alofa, Tonga
Tonga’s bankers, who fought to stop the imposition of a new Foreign Exchange Levy that came into effect today June 1, say the legislation is poorly drafted and imposes an unfair tax on the financial sector, which will be passed on to the community – particularly affecting remittances.
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Thursday 12 May 2016
Nuku'alofa, Tonga
Half a seniti of “the bank’s spread” of every pa’anga that is bought and sold through Tonga’s foreign exchange services will be charged, starting 1 June 2016, after a foreign exchange levy was endorsed by Tonga’s government to help fund the 2019 Pacific Games. [updated]
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Tuesday 29 March 2016

Nuku'alofa, Tonga
Japan yesterday agreed to commit $3.6 million pa’anga to Tonga to purchase goods, which may include sports equipment, to help promote economic and social development efforts.
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Wednesday 23 March 2016
Nuku'alofa, Tonga
US$2 million in concessional financing approved by the World Bank on 16 March will support Tonga’s efforts to create “a more inclusive and resilient economy” through policy reform. It is to be funded with US$1 million credit and US$1 million grant, provided through the International Development Association, the World Bank’s fund for poorest countries.
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Thursday 17 March 2016
Nuku'alofa, Tonga
A two-day private sector consultation is being held this week on March 17-18 in Nuku’alofa, to discuss the potential implications of the Regional Pacer Plus Agreement (PACER Plus) on Tonga’s private sector, following the closing of previous consultations hosted by Tonga’s Ministry of Foreign Affairs and Trade and the Tonga Chamber of Commerce and Industry with representatives from the private sector and the Office of the Chief Trade Adviser (OCTA).
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Monday 14 March 2016
Nuku'alofa, Tonga
Tonga has been warned that despite government’s strong revenue collection, Tonga’s fiscal position is expected to weaken in near term due to a large increase in the wage bill, an increase in current spending, and potential cost overruns related to Tonga’s preparations to host the 2019 South Pacific Games
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Monday 7 March 2016
Nuku'alofa, Tonga
Tonga is looking to lift labour standards by becoming the 187th member of the International Labour Organization (ILO) this year, effective from 24 February 2016.
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Wednesday 2 December 2015

Nuku'alofa, Tonga
A waning commitment by the Tongan government to reform has caused delays in grants for budget support and raises concerns regarding long-term fiscal sustainability, the Asian Development Bank warns in the December 2015 issue of the Pacific Economic Monitor - Budget Analysis. Tonga’s budget plans for FY2016 will see another large increase in public spending.
1 comment
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Saturday 21 November 2015
Nuku'alofa, Tonga
Tonga’s controversial Foreign Exchange Levy Act 2015 has been suspended, according to Press Statement released by the Ministry of Finance and National Planning yesterday, 20 November.
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Tuesday 10 November 2015

Nuku'alofa, Tonga
The implementation of the government’s controversial 1% Foreign Exchange Levy has been deferred again for a “few weeks”, stated the Minister of Finance, Hon. ‘Aisake Eke in a letter, dated 6 November, circulated to general managers of financial institutions in Nuku’alofa.
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Monday 9 November 2015

Nuku'alofa, Tonga
Tonga has accumulated a Foreign Reserve of $311.7 million pa’anga at the end of September, while its domestic inflation rate was 3.2% for September, according to the latest figures on the National Reserve Bank of Tonga website.
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Wednesday 4 November 2015

Nuku'alofa, Tonga
The Foreign Exchange Levy Act 2015 that was originally scheduled to be implemented on 21 October, finally came into force yesterday, November 3, allowing government to collect one seniti from the banks on every pa’anga sold or purchased in foreign exchange transactions.
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Wednesday 28 October 2015

Nuku'alofa, Tonga
Tonga’s new Foreign Exchange Levy Act 2015 that came into force on Wednesday last week has disrupted the movement of foreign exchange in and out of the country, as bankers do not know how to apply it.
6 comments
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Friday 23 October 2015

Nuku'alofa, Tonga
Tonga and Forum Island Countries (FIC) will benefit from enhanced regional trade and economic integration under the Pacific Agreement on Closer Economic Relations (PACER) Plus Agreement, with Australia and New Zealand.
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Sunday 27 September 2015

Nuku'alofa, Tonga
Tonga’s future is not on land but in its marine area on the continental shelf, and “we want to help Tonga tap into the Blue Economy,” said Deodat Maharaj, the Commonwealth Deputy Secretary-General, during his one-day stop over in Tonga on 15 September. By Pesi Fonua
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Sunday 9 August 2015
Nuku'alofa, Tonga
The Tonga Government does not have an investigation project to find out if Tonga civil servants are considered unpaid, the Minister of Finance and National Planning, Dr ‘Aisake Eke said. “There is no investigation, but a review of the salary structure,” he said in a statement on August 7.
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Thursday 6 August 2015
Nuku'alofa, Tonga
The Tonga government plans to spend allegedly $2.2 million USD (around $4.6 million pa’anga) on an investigation project to find out if Tongan civil servants are over-paid or under-paid.
3 comments
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Monday 3 August 2015
Nuku'alofa, Tonga
A proposal for government to finance the 2019 Pacific Games with Consumption Tax, instead of a levy on profit from foreign currency exchange transactions was presented by Bernie Poort from the ANZ Bank and Dan Henson from the Bank of the South Pacific to the Minister of Finance, Hon. ‘Aisake Eke during a Tonga Chamber of Commerce special meeting on Friday, 31 July.
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