USD$5 million funding from the Asian Development Bank will “help restore and accelerate private sector-led economic growth in Tonga after the COVID-19 pandemic”, after the Tonga Government signed a grant agreement with the ADB on Wednesday, 1 December.
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Results for Economy
Thursday 2 December 2021
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Nuku'alofa, Tonga
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Tuesday 30 November 2021
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Nuku'alofa, Tonga
Higher imported and domestic prices have driven increasing inflation in Tonga. In the year to August 2021 inflation rose by 7.0%, the National Reserve Bank of Tonga reported. Annually, foreign reserves increased, resulting from more receipts of budget support, project funds, and remittances.
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Wednesday 22 September 2021
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Nuku'alofa, Tonga
Tonga’s Foreign Reserve held by the National Reserve Bank of Tonga rose significantly in August 2021 by $46.9 million to $751.7 million, which is equivalent to 13.1 months of imports.
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Tuesday 17 August 2021
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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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Tuesday 20 July 2021
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Nuku'alofa, Tonga.
A petition that was tabled into Parliament to stop the construction of a restaurant/burger bar at the ocean swimming pool on the Touliki waterfront in the capital, was deferred for government to make a final decision. From the House by Pesi Fonua.
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Thursday 15 July 2021
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Nuku'alofa, Tonga
Tonga's Prime Minister delivered a preacherly message, intending to clarify the direction of the Ministry of Finance for the coming year. He was making a keynote address on launching a new “Foundational Ministry of Finance Week” in Nuku'alofa.
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Wednesday 23 June 2021
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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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Saturday 24 April 2021
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Nuku'alofa, Tonga
A “worse-than-expected outcome” for Tonga's GDP in the fiscal years 2019-20 and 2020-21 was forecast by the National Reserve Bank of Tonga, following its first board meeting for the year. During the COVID-19 international crisis Tonga's annual inflation has increased and agricultural exports have fallen. Bank lending decreased, while deposits increased.
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Monday 22 February 2021
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Nuku'alofa, Tonga
The Tongan Pa’anga fell to its lowest exchange rate against the New Zealand Dollar since 2014, with one pa'anga buying less than .58 cents today, and possibly its lowest rate ever against the NZD.
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Wednesday 17 February 2021
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Nuku'alofa, Tonga
Tonga’s $15.2 million pa'anga loan repayment due to the EXIM Bank of China, during the 2020-21 financial year, has been deferred to 2021-22, the Minister of Finance, Hon. Tevita Lavemaau, confirmed yesterday 16 February.
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Thursday 4 February 2021
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Nuku'alofa, Tonga
Tonga’s first Labour Mobility Policy was launched by Prime Minister Hon Dr Tu’i’onetoa today, 4 February. Thousands of Tongans are employed in labour mobility schemes in New Zealand and Australia in horticulture, meat processing, construction, tourism and hospitality. The policy, which was endorsed by cabinet in 2020, aims to maximize the development impact of circular labour mobility in Tonga.
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Tuesday 26 January 2021
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Nuku'alofa, Tonga
The IMF has approved US$9.95 million under its Rapid Credit Facility, to help meet Tonga’s “urgent balance of payments and fiscal needs arising due to the COVID-19 pandemic and Cyclone Harold.” Tonga's early closure of external borders had helped avoid a worse economic outcome. “Nevertheless, an economic contraction is expected in FY2021.”
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Tuesday 7 July 2020
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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
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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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Friday 8 May 2020
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Suva, Fiji
A Pacific tourism report on the CoViD-19 impact and recovery in the region projected NZD$3.1 billion losses if there were no tourists visiting seven Pacific Island countries, including Tonga, over a 12-month period.
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Wednesday 6 May 2020
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Nuku'alofa, Tonga
The negative impacts of CoViD-19 will lead to a contraction in economic growth for the current fiscal year, the Governor of the National Reserve Bank of Tonga, Dr Sione Ngongo Kioa stated on 5 May, as domestic activities have already shown a slowdown.
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Tuesday 5 May 2020
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Nuku'alofa, Tonga
Tonga needs to grow its small private sector in order to find a lasting solution for the country's fiscal and development challenges, reports the International Monetary Fund (IMF). Tonga will need to address the structural constraints and main deterrents to investment.
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Monday 4 May 2020
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Manila, Philippines
A $460,000 pa’anga grant to the Government of Tonga was approved by the Asian Development Bank (ADB) on Friday, 1 May and will go towards restoring life-sustaining services following the damage from Tropical Cyclone Harold.
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Tuesday 28 April 2020
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Nuku'alofa, Tonga
Tonga’s Official Foreign Reserve held by the National Reserve Bank was $457.5 million at the end of March, equivalent to 6.8 months of imports.
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Friday 24 April 2020
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Washington, USA
Overseas remittances are predicted to fall by 13 percent in the East Asia and Pacific region this year affecting countries such as Tonga, due to the economic crisis caused by CoViD-19, according to the World Bank. Migrant remittances to Tonga in 2019 made up 37.6 percent as a share of GDP.
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