Results for Business

Higher oil prices, a weaker pa'anga and Tonga's new Foreign Exchange Levy have combined to significantly drive up the new prices for petrol, diesel and kerosene in Tonga for June to July, starting tomorrow Thursday, 16 June, the Competent Authority has announced.

Tonga has received a $3 million grant and a $3 million loan approved by the Asian Development Bank (ADB) to strengthen long-term economic growth and to have the capacity to respond to external economic shocks such as those caused by natural disasters.

Flour supplies are reported to be back to normal in Tongatapu, after wholesalers ran short early this month, said one of the island’s major bakers. Shipping cancellations and delays had contributed to a short supply of flour, but fresh stock was on the market today.

Tonga’s goal of opening up a potential new market in China for its squash exports is another step closer. This week Chinese and Tongan officials agreed on the standards and processes that need to be met for a successful squash export partnership between the two countries.

Half a seniti of "the bank's spread" of every pa'anga that is bought and sold through Tonga's foreign exchange services will be charged, starting 1 June 2016, after a foreign exchange levy was endorsed by Tonga’s government to help fund the 2019 Pacific Games. [updated]

Food Security for Tonga is at the heart of the new 'Tonga 2015 National Agricultural Census' report that was released this morning, 28 April in Nuku’alofa. It is Tonga’s first Agricultural Census since 2001, and there has been a lack of reliable statistics for government planners and policy makers in the industry, which has seen a declining contribution to GDP over the last decade.

Prices for petrol, diesel and kerosene in Tonga for April to May this year will increase starting today, Monday 18 April.

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.

US$2 million in concessional financing approved by the World Bank on 16 March will support Tonga’s efforts to create "a more inclusive and resilient economy" through policy reform. It is to be funded with US$1 million credit and US$1 million grant, provided through the International Development Association, the World Bank's fund for poorest countries.