Pacific Islands debt management under scrutiny [1]
Friday, June 17, 2016 - 17:12. Updated on Friday, June 17, 2016 - 17:13.
Pacific Island countries can’t manage their current level of debts, the Pacific Association of Supreme Audit Institutions (PASAI) reveals in a new report.
In a low key statement yesterday, PASAI said that debt in Pacific Island countries is currently “at unsustainable levels” and that Pacific countries need to improve their debt management strategies.
PASAI launched a regional report in Auckland on 16 June, containing key pointers on governance, legal, financial and administrative systems aimed to help countries improve public debt management.
The report “Public debt management in the Pacific region – an auditor’s perspective”, aimed at Supreme Audit Institutions (SAIs), Pacific governments and stakeholders, also gives a snapshot of how public debt management is being dealt with at a national and regional level.
PASAI says their audit report is already “encouraging governments to adopt robust debt management strategies, developing sound risk management practices and properly disclosing levels of public debt”.
Eight Pacific SAIs were audited for the report which was supported by INTOSAI Development Initiative (IDI), Pacific Islands Forum Secretariat, Pacific Financial Technical Assistance Centre and the Asian Development Bank.
PASAI promotes transparent, accountable, effective, and efficient use of public sector resources in the Pacific.