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Results for Economy

Tuesday 15 May 2007
Nuku'alofa, Tonga
Tonga's official Foreign Reserves fell by $9.8 million to $80.6 million in April, an amount equivalent to 4.1 months of imports of goods.
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Sunday 29 April 2007
Nuku'alofa, Tonga
Tonga's Minister of Finance Hon Siosiua T. T. 'Utoikamanu, has again expressed his concern over the projected significant decline of government's revenues, urging tighter government spending, and warning that government has few options for recovery after its reserves were used to pay for the civil service pay settlements last year.
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Monday 23 April 2007
Nuku'alofa, Tonga
Warning that Tonga faces a potential fiscal crisis, Finance Minister, Hon Siosiua T. 'Utoikamanu, today advised government ministers to trim back their departmental budgets, with cuts that could amount to $22 million for the new financial year.
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Tuesday 17 April 2007
Nuku'alofa, Tonga
At the end of day one of Tonga's first National Economic Summit, the one thing that is clear, is that government has diligently mapped out the direction of the summit, aiming to create new economic and trade policy making bodies.
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Wednesday 14 March 2007
Nuku'alofa, Tonga
Tonga's Reserve Bank will introduce new measures to help inject liquidity into the local banking system, to help meet the demand for new credit by businesses trying to recover from the destruction of the town centre on November 16.
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Wednesday 7 March 2007
Nuku'alofa, Tonga
The year 2006 may have been a tough year for most businesses in Nuku'alofa, but definitely not for the Westpac Bank of Tonga, which made a record net profit after tax of $7.5 million.
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Monday 5 March 2007
Nuku'alofa, Tonga
Tonga's official foreign reserves for February fell by $1.2 million, from $85.4 million to $84.2 million, an amount equivalent to 4.4 months of imports of goods. At the same period last year, 2006 Tonga's official foreign reserve was $82.4 million, enough for 4.3 month of import.
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Sunday 4 March 2007
Nuku'alofa, Tonga
The Tongan economy will be struggling for survival during the next financial year, 2007-08, warns Tonga's Minister of Finance, Hon. Siosiua 'Utoikamanu, saying that the government has suffered a massive hit on its revenue stream following the losses suffered by the country's businesses on November 16.
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Friday 23 February 2007
Neiafu, Vava'u,Tonga
A special US$848,968 Japanese Non-Project Grant Aid to Tonga was signed in Neiafu, Vava'u, last Wednesday, February 14.
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Thursday 8 February 2007
Nuku'alofa, Tonga
Tonga's plan to become a member of the World Trade Organisation WTO in July this year is now very doubtful, according to Paulo Kautoke, the Chief Executive Officer for the Ministry of Labour Commerce and Industries.
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Wednesday 10 January 2007
Nuku'alofa, Tonga
Tonga is unable to fund the reconstruction of its central business district and while it is out looking for international donors to provide finance, the recovery of businesses and the restoration of Law and Order are in slow-motion. By Pesi Fonua
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Friday 1 December 2006
Nuku'alofa, Tonga
Nuku'alofa's devastated business community will be allowed to delay their payments of Consumption Tax and Duty for six weeks.
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Friday 24 November 2006
Nuku'alofa, Tonga
The Governor of the National Reserve Bank of Tonga Joyce Mafi announced that as of today, November 23, all travellers departing the Kingdom of Tonga are allowed to take out of the country local and foreign currency notes, of not more than TOP$10,000, or its equivalent.
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Monday 23 October 2006
Nuku'alofa, Tonga
Revisions will be needed to Tonga's Income Tax Bill 2006 if it is to win acceptance in the House this year and in order to avoid a hostile reception from the public. This need is clear as public consultations on the Bill are winding up this week. By Mary Lyn Fonua
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Wednesday 4 October 2006
Nuku'alofa, Tonga
Simione Sefanaia has become the Acting Managing Director of the Tonga Development Bank replacing Afu...’alo Matoto who was recently appointed as a new Cabinet Minister.
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Saturday 19 August 2006
Nuku'alofa, Tonga
Tonga's Ministry of Labour, Commerce and Industries will hold a series of WTO consultative workshops, starting next month to inform Tongans about new trade terms and tax reform that is being put into place.
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Wednesday 2 August 2006
Nuku'alofa, Tonga
Tonga's decision to defer its accession to the World Trade Organisation (WTO) until July next year will have no impact on the revenue collection of government during the current financial year, according to the Secretary for Finance, 'Aisake Eke.
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Wednesday 26 July 2006
Nuku'alofa, Tonga
Tonga has deferred its membership of the WTO until July next year, the Tongan Prime Minister, Dr Feleti Sevele told the Tongan media yesterday, July 25.
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Wednesday 12 April 2006
Nuku'alofa, Tonga
Tonga's official Foreign Reserve in March fell to its lowest level in 17 months.
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Friday 7 April 2006
Nuku'alofa, Tonga
Announcing a 5.3% inflation rate for February 2006, Tonga's Ministry of Finance on April 5 concluded that while the cost of living is still increasing, it was good news compared to the double digit inflation figures of February last year.
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