Results for Economy

The most serious challenge confronting the Tongan society today is the physical health of our people, HM King Tupou VI said, when he opened the 2016-17 session of parliament this morning, 2 June, in a thoughtful speech that also challenged legislators to educate Tonga's children for global employment, and urged them to engage with all stake holders in the economy and not unilaterally change operating conditions, that may stifle growth.

Up to half a million pa’anga of “unclaimed” money held in bank accounts at the Bank of the South Pacific in Nuku’alofa will be swallowed up by the government in June if the amounts are not claimed by the owners soon. Several accounts belonging to the King of Tonga, as well as an Emergency Relief Trust Fund, a private retirement fund, and funds belonging to societies and groups such as the Tonga Society of Accountants, the Sisters of Mercy, the Ferry Princess Ashika Vava’u Victims Fund, the Friendly Island Teachers Association, and numerous PTA accounts, along with those of individuals and a few companies, will be included in a mass transfer of funds if unclaimed.

rivate sector reforms are leading to increases in business investment across the Pacific, including Tonga, according to the latest Pacific Private Sector Development Initiative (PSDI) progress report for the 2014-15 period.

Tonga civil service has been awarded a 5% pay increase back dated to 1 July 2015, and to be paid before December 22.

The economies of 14 developing member countries in the Pacific are expected to be unstable during 2015-2016, according to Pacific Economic Monitor Midyear Review, launched by the Asian Development Bank in Suva today, 15 July.

Low interest loans will be available to the Private Sector from a new government investment incentive fund that is being managed through the Tonga Development Bank, Ministry of Finance and National Planning announced today.

Trade ministers from around the region will attend the Pacific Forum Trade Ministers tomorrow 28 May in Tarawa, Kiribati.

Fiji is a lap ahead of Tonga when it comes to export initiative. A Fijian business was able to successfully secure an export of 13 tonnes of frozen vegetables, fruits, root crops and fish for the United States last week.

The World Bank has announced that it will fund repairs to damaged port, airport and roads in Ha’apai. “Cyclone Ian has caused devastating losses to thousands of people and will require long term efforts to rebuild safer and stronger,” the bank's Director for the Pacific Islands, Franz Dress-gross stated this week.