Results for Economy and Trade

The Governor of the National Reserve Bank of Tonga, Mrs Siosi Cocker Mafi, stated that at its meeting on 28 July 2009 the Reserve Bank Board noted that economic activity continued to slow down due to the impact of the global financial crises and contributing to this slow down is the decline in domestic credit growth. Domestic banks are tightening their lending criteria due to high non performing loans.

Economic growth of 1.7% for Tonga is the aim of the government's $225.4 million pa'anga budget for 2009-10, the Minister of Finance, Hon. Afu'alo Matoto told the Tongan Parliament on Monday, June 8.

Tonga's economic growth for 2008-09 is likely to be only around half a per cent, after a challenging year in which remittances have slowed, and lending has been cautious, according to an International Monetary Fund Report released yesterday.

Tongan seasonal workers who are picking almonds in Robinvale, Victoria are earning good money and sending remittances back to their families in Tonga, reports Vava'u People's Representative 'Etuate Lavulavu.

Tonga's foreign reserves increased by $6.4 million reaching $130.3 million in January 2009.

Tonga's foreign reserves increased by $1.2 million to $123.9 million in December 2008.

FROM OUR ARCHIVES. The positive economic impact of the Coronation of HM King George Tupou V on Tonga's economy is estimated at $19.7 million pa'anga.

Tonga's No. 1 economic problem is that it cannot provide employment for its growing population, including the estimated 2000 school leavers who annually join the work force, according to an Asian Development Bank report that looks at why Tonga's economy is not achieving its potential.

The collapse of some financial credit institutions n the United States this month has not directly impacted Tonga, according to the Minister of Finance Hon. 'Afu'alo Matoto today.