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Thursday 1 July 2010
Nuku'alofa, Tonga
Faced with continuing drops in remittances and two years of negative growth, Tonga's financial planners have turned to aid donors to support the national budget for the new financial year 2010-11, in order to meet a current deficit of $12.1 million pa'anga, as well as multi-million pa'anga development budget needs.
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Monday 10 May 2010
Nuku'alofa, Tonga
A house fire caused by a candle razed a home situated beside the Janfull International Dateline Hotel at around 4:00 am this morning, March 10. Fortunately, the occupants including a mother and her one-year-old baby escaped without injuries.
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Wednesday 21 April 2010
Nuku'alofa, Tonga
Tonga's official Foreign Reserves held by the National Reserve Bank of Tonga for March rose by $2 million pa'anga to $155.5 million due to an official grant from the Asian Development Bank.
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Thursday 8 April 2010
Nuku'alofa, Tonga
The Tongan government has reduced its expenditure by 11% because of a 28% shortfall in revenue collection during the current financial year, Tonga's Minister of Finance, Hon. Afu'alo Matoto told representatives of Tonga's Development Partners at the Fa'onelua Convention Centre this morning, March 8.
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Wednesday 17 March 2010
Nuku'alofa, Tonga
Tonga's Foreign Reserves fell by $7.3 million to $153.5 million in February, mainly due to a large official capital outflow that was used for the repayment of foreign currency loans.
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Thursday 14 January 2010
Nuku'alofa, Tonga
Tonga's official foreign reserves for December 2009 reached $160.4 million, which was half a million pa'anga more than the November figure of $159.9 million.
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Wednesday 23 December 2009
Nuku'alofa, Tonga
As an economic slowdown continues, the National Reserve Bank of Tonga has offered SDR relief for commercial banks, to encourage them to reduce interest rates for customers.
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Tuesday 24 November 2009
Nuku'alofa, Tonga
The Tongan economy's only hope of surviving the global financial crisis is to be able to adapt and to exploit global economic changes, Tonga's Minister of Finance, Hon. Afu'alo Matoto said in his opening address of the "Tonga Update 2009" at the Fa'onelua Convention Centre, Nuku'alofa on Friday November 20.
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Monday 9 November 2009
Nuku'alofa, Tonga
Tonga's official Foreign Reserves fell by $2.6 million from $163.3 million in September to $160.7 million in October.
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Tuesday 22 September 2009
Nuku'alofa, Tonga
Tonga's electricity tariff will go up by 20.35 seniti per kWh, effective from the meter reading at the end of October, Peter McGill, the CEO of the Tonga Power Ltd. announced this afternoon.
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Friday 18 September 2009
Nuku'alofa, Tonga
Tonga's Foreign Reserves rose by $19.8 million to a record high of $159.2 million in August, the equivalent of 6.2 months of imports of goods for Tonga.
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Thursday 30 July 2009
Nuku'alofa, Tonga
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.
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Tuesday 21 July 2009
Nuku'alofa, Tonga
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.
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Wednesday 10 June 2009
Nuku'alofa, Tonga
Economic growth of 1.7% for Tonga is the aim of the government's $225.4 million pa'anga budget for 2009-10, the Minister of Finance, Hon. Afu'alo Matoto told the Tongan Parliament on Monday, June 8.
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Wednesday 10 June 2009
Nuku'alofa, Tonga
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.
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Friday 15 May 2009
Nuku'alofa, Tonga
Tonga's economic growth for 2008-09 is likely to be only around half a per cent, after a challenging year in which remittances have slowed, and lending has been cautious, according to an International Monetary Fund Report released yesterday.
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Monday 11 May 2009

Nuku'alofa, Tonga
The Tongan government is looking at giving Tongan civil servants another salary rise to increase their buying power and stimulate the economy, Tonga's Minister of Finance, Hon. Afu'alo Matoto told Matangi Tonga at the end of April, when he estimated that Tonga's economic growth for the current year would not reach one per cent. By Pesi Fonua.
Monday 27 April 2009
Nuku'alofa, Tonga
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.
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Wednesday 1 April 2009
Nuku'alofa, Tonga
Fuel prices rose throughout Tonga today with motor spirits reaching $2.22 per litre in Tongatapu and up to $2.95 in Niuatoputapu.
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Friday 6 February 2009
Nuku'alofa, Tonga
Tonga's foreign reserves increased by $6.4 million reaching $130.3 million in January 2009.
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