Results for Business

The Tongan Budget for 2002-3, passed by the Legislative Assembly on June 27, is the biggest ever, with the total revenue to be collected by government amounting to $120.25 million. Government Expenditure during the same period is expected to amount to $122.72 million, leaving us with a deficit of $2.5 million. From Matangi Tonga Magazine Vol. 17, no. 2, August 2002.

Tonga hosted this year’s ADFIP consortium on Development Banking Under Change and sought new avenues of technical and financial assistance. From Matangi Tonga Magazine Vol. 17, no. 2, August 2002.

The Shoreline Group signed a new agreement with the Tonga Electric Power Board on January 21 this year, which allowed Shoreline Distribution to lease the electricity distribution network for Tongatapu, Ha‘apai and ‘Eua. From Matangi Tonga Magazine Vol. 17, no. 1, May 2002.

A long hard battle for a two-acre prime business spot in the heart of Nuku‘alofa’s business centre, was won by a local business woman Robina Nakao and her company Fund Management Ltd. From Matangi Tonga Magazine Vol. 17, no. 1, May 2002.

The opening of the $8.6 million pa‘anga new business centre of the Si’i Kae Ola Co. Ltd. on December 15 by HM King Taufa‘ahau Tupou IV, set a new standard for the retailing and wholesaling business in Tonga during the 21st century. From Matangi Tonga Magazine, Vol. 16, no. 3, December 2001.

The Tonga Communications Corporation finally launched their GSM Mobile telephone U-call service on December 14 and their customers in Nuku‘alofa couldn’t wait to get their hands on them. From Matangi Tonga Magazine, Vol. 16, no. 3, December 2001.

Matangi Tonga interviewed Tonga Trust Fund trustee Hon. Tevita Tupou, (Minister of Law and Attorney General) and Jesse Dean Bogdonoff, the fund’s technical advisor, on September 26. From Matangi Tonga Magazine, Vol. 16, no. 2, September 2001.

The Tonga Trust Fund was created with the Tonga Trust Fund Act on 3 November 1988. At that time there was US$33 million in the account of the TTF with the Bank of America at 2.7% to 3% interest. From Matangi Tonga Magazine, Vol. 16, no. 2, September 2001.

When the Tonga Trust fund was established by in 1988 its purpose was as a kind of safety net for Tonga to accumulate moneys to be held in trust as a foreign reserve fund for the Kingdom to use in exceptional circumstances, and for future major development projects. From Matangi Tonga Magazine, Vol. 16, no. 2, September 2001.