Results for Business

The thrust by Tonga’s two telecommunications companies, the Tonga Communications Corporation to introduce a new cell phone service, and by Tonfön to introduce a wireless telecommunications system, this year met a number of setbacks, which meant that both companies were unable to meet their July deadlines. From Matangi Tonga Magazine, Vol. 16, no. 3, December 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.

Rising unemployment is the major concern of the Tonga government at the moment, the Minister of Finance, the Hon. Siosiua ‘Otuikamanu told a Media Workshop on Economic and Financial reporting in September. From Matangi Tonga Magazine, Vol. 16, no. 2, September 2001.

The excitement over the development of Tonga’s telecommunications is related to three important decisions that were made by government before the turn of the century. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

If by July Tonga has not repealed its 1984 Off-Shore Banking Act, the 29 member countries of the Organisation for Economic Co-operation and Development (OECD) will endorse a ‘Defensive Action’ against Tonga and six other Pacific island countries. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

Tonga has yet to form an official committee to take care of its National Information Technology policy, a responsibility that will probably go to the newly formed Department of Communications. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

The Tongan economy is expected to remain sluggish during the next financial year 2001/02. The Budget statement of Tonga’s new Minister of Finance, Hon. Sosiua ‘Utoikamanu, presented to parliament on June 5 said there would be no significant economic growth during the new financial year. Instead there will be a slight drop in the growth of GDP, from 4.4% in real terms last year to 3.2% in the new financial year. The Inflation rate is expected to remain at the current peak 8%, after slowly rising from 4.2% in February 2000 and 7.1% in December 2000. These are the highest levels since the early 1990s. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.

Thousands of people are waiting for telephones in Nuku‘alofa and to get them all on line quickly means for the most part going wireless, and putting in some high tech cables for a small area of the Nuku‘alofa business centre. By Pesi Fonua. From Matangi Tonga Magazine, Vol. 16, no. 1, June 2001.