Results for Economy and Trade

“It seems that the state of our economy is starting to look up, the result of efforts that we have made in the past”.- King Taufa'ahau Tupou IV.

There is increasing interest in the state of the economy: in particular the fall in the level of the Pa‘anga, the high level of inflation, and the economic reform programme. I intend to link these issues and to explain the economic and developmental factors behind them. In an educated, open society like Tonga’s, it is important that as many people as possible understand these important issues so that they can make informed contributions to the debate. From Matangi Tonga Magazine Vol. 18, no. 1, March 2003.

The assessment by the International Monetary Fund of the Tongan macro-economy during the 2001-2002 fiscal year, highlighted their grave concern over the stagnating state of the economy, the depletion of the official reserves, the marked depreciation of the Pa‘anga, mounting public indebtedness, and the rapid increase in the inflation rate.. From Matangi Tonga Magazine Vol. 18, no. 1, March 2003.

Is Tonga ready to become a member of the World Trade Organisation? The Tongan Minister responsible for Trade, Hon. Dr Masaso Paunga, is confident that Tonga has done all the right things by signing the appropriate international conventions, and free trade agreements, and that Tonga is now ready to become a member of the WTO sometime next year. From Matangi Tonga Magazine Vol. 17, no. 3, November 2002.

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.

On September 25 in the Tongan Legislature, the Deputy Prime Minister Hon. Tevita Tupou, elaborated a new scheme for recovering the Tonga Trust Fund. From Matangi Tonga Magazine, Vol. 16, no. 2, September 2001.

One of the Tongan government’s most adventurous money-making projects, the Tonga Trust Fund is in deep trouble. From Matangi Tonga Magazine, Vol. 16, no. 2, September 2001.

The tragedy in America and the possibility of a long drawn out war between the USA and an enemy, which had yet to be clearly identified, could have a negative impact on the Tongan economy, said Tonga’s Minister of Finance, and the Governor of Tonga National Reserve Bank, Hon. Siosiua ‘Otuikamanu. From Matangi Tonga Magazine, Vol. 16, no. 2, September 2001.