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Results for Tonga economy

Monday 6 November 2023

Nuku'alofa, Tonga
Tonga’s economy is performing strongly but faces growing headwinds, the International Monetary Fund (IMF) stated in its country report for Tonga published on 3 November. Although tourism-related services are recovering, tourism receipts as a share of GDP are anticipated to remain below pre-pandemic levels until FY2026 due to slow reconstruction of damaged facilities. Worker migration is causing severe labour shortages.
Saturday 16 September 2023

Nuku'alofa, Tonga
A cheque for $14.2 million was presented by the National Reserve Bank of Tonga to the Tonga Government on Friday 15 September, as part of the Bank's profit distribution for the financial year ended 30 June 2023. This year’s audited financial statement of the Bank confirmed a historical net profit of $20.4 million, and 70% of this was paid to government. The income was generated through investment of foreign reserves.
Monday 2 January 2023
Moeaki

Nuku'alofa, Tonga
Tatafu Moeaki, Tonga's former Minister of Finance was appointed by government on 20 December 2022 as the new Governor of the National Reserve Bank of Tonga.
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Monday 6 June 2022
Fale alea

NUku'alofa, Tonga
Tonga’s economy is in trouble. The economic contraction during two years of border restrictions, has been accelerated by January’s devastating Hunga volcanic eruption and tsunamis, followed by the arrival of COVID-19 in February and further job losses. In tabling his 2022-23 budget, the Minister of Finance warned of a continuing contraction of the economy, the likes of which we have not experienced before. From the House, by Pesi Fonua.
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Thursday 3 March 2022

Nuku'alofa, Tonga
Bank of South Pacific Tonga Limited today announced a Net Profit After Tax of T$11.85 million for the financial year ending 31 December 2021. The result was driven by the release of Covid-19 provisions, good foreign exchange revenue, and strong transaction volumes. BSP Tonga Country Head, Mrs Marcellina Wolfgramm-Haapai said this result was 20% above the 2020 financial result.
Tuesday 2 November 2021
customs officers pic

Nuku'alofa, Tonga
Over $240 million pa'anga in revenues was collected by the Tonga Government for 2020/2021 - that's about $10 million pa'anga more than they had estimated for the year. During the year Consumption Tax compliance was the highest ever, while Tonga is importing more and consuming more domestically.
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Tuesday 17 August 2021

Nuku'alofa, Tonga
Tonga’s Domestic Economic activities showed some improvements in May 2021, Sione Ngongo Kioa, the Governor of Tonga’s National Reserve Bank told the National Reserve Bank of Tonga’s Board of Directors on 5 August. However, the Reserve Bank’s GDP outlook projected a deeper contraction in Tonga’s economy for 2020-21 as the extended lockdowns and uncertainties present significant risk.
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Wednesday 23 June 2021

Nuku'alofa, Tonga
In March 2021, Tonga's official Foreign Reserves continued a downward trend. Following the previous month’s decline, the reserves fell by $6.7m to $685.7m, equivalent to 11.7 months of import, according to the National Reserve Bank of Tonga.
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Wednesday 16 June 2021

Nuku'alofa, Tonga
China has provided RMB 70 million ( about $24.5 million pa'anga) to Tonga under an agreement on economic and technical cooperation, to fund priority projects agreed to by both governments.
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Friday 8 January 2021

Nuku'alofa, Tonga
Tenants at the Small Industries Centre (SIC) who were hit with commercial rent and lease increases before Christmas, sent a petition to the Prime Minister yesterday afternoon, January 7, protesting the massive increases, which they say range from about 70% to over 200%.
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Friday 20 November 2020
Nuku'alofa, Tonga
Despite the hard time that the Tongan economy is going through at the moment, there are some signs of new investment taking shape at the Small Industries Centre at Ma'ufanga. But most of the 64 businesses in operation at the SIC are reeling from the impact of the events of 2020. Recently, the Tonga Asset Managers and Associates Ltd. TAMA has identified a 67% average drop in sales by businesses located at the SIC and only two of the businesses are exporting. By Pesi Fonua.
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Friday 18 September 2020

Nuku'alofa, Tonga
The Tongan economy has been struggling to recover from the impact of two severely destructive cyclones, Gita in 2018 and Harold in 2020, followed by a long-term border closure, and extended CoVid-19 restrictions. Economic outlooks are so depressing in the region, that policy makers now need to consider mental and physical wellness alongside economic recovery planning. The September Asian Development Outlook 2020 Update, is sub-titled: “Wellness in Worrying Times”.
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Tuesday 7 July 2020

Nuku'alofa, Tonga
Tonga’s National Reserve Bank on July 1 2020 declared that Tonga’s economy would remain contracted during the current Fiscal Year due to the negative impacts of Cyclone Harold and the continuing COVID-19 restriction.
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Friday 15 May 2020

Washington DC, USA
Tonga will receive US$8.4m from the World Bank with US$5.5m allocated to improve management of its public finances, boost resilience to the effects of climate change, and provide better access to skills training for labor opportunities domestically and internationally, and US$2.9m will go towards Tonga's CoViD-19 response.
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Wednesday 29 April 2020

Nuku'alofa, Tonga
The Tonga Chamber of Commerce and Industries (TCCI) is calling on the Tongan Government to ease restrictions and provide financial support urgently, to help struggling businesses continue operating. Some businesses have shut down completely. “Currently it’s very sad out there,” said one.
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Thursday 2 April 2020

Nuku'alofa, Tonga
A $60 million pa'anga economic and social stimulus package to counter the impact of CoViD-19 was announced by the Tongan government today, 2 April. The package will provide short-term financial assistance for all sectors of the Tongan economy. Tonga expects fiscal deficits of $35m 2020 and $54m in 2021.
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Tuesday 25 February 2020

Nuku'alofa, Tonga
Tonga’s growth potential is below what it could be. The economy has been growing well below the regional average for the past two decades, says an IMF Staff report released on February 24. Growth is expected to gradually decline “unless there is a concerted effort to remove bottlenecks hampering private sector development.”
Tuesday 26 July 2016

Nuku'alofa, Tonga
Tonga and China are discussing trade, but there’s stiff competition to sell products in China. “You have to promote how good your products are,” a Chinese trade official Mr Jiang Shan told Tongan Journalists at China’s Ministry of Commerce in Beijing in June. By Finau Fonua
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Friday 15 July 2016

Nuku'alofa, Tonga
A goal of year round agricultural harvesting of top quality organic vegetables is within reach for Tonga, except that farmers need to understand just how valuable pig shit really is in order to achieve this. A remarkable method of “biogas farming” using pigs and their waste to produce high yield top quality produce could transform subsistence farming incomes. It’s been demonstrated that a properly run biogas farm in Tonga can earn $200,000 or more a year - yet the opportunity is not being fully realized. By Eleanor Gee
Tuesday 7 June 2016
Nuku'alofa, Tonga
The Tonga Government's biggest budget of $545.1 million pa’anga for the 2016-2017 financial year was tabled into parliament this morning, 7 June, by the Minister of Finance and National Planning, Hon. ‘Aisake Eke.
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