ADB will continue to support government through upgraded office, says Finance Minister
The Asian Development Bank has upgraded its Tongan office to a Pacific Country Office.
Tonga’s Minister of Finance, Hon. Pohiva Tu’i’onetoa, said the upgraded office would help support the government.
The head of the ADB Tonga Pacific Country Office is Tatafu Moeaki, a former civil servant and CEO for Finance.
Hon. Tu’i’onetoa and the ADB’s Pacific Department Director General, Carmela Locsin, co-signed the upgrading agreement.
Tonga has been a member of the ADB since 1972.
Over the past decade the ADB has increased its financial and technical assistance to Tonga.
It currently has US$123.7 million earmarked for eight projects in the kingdom.
Hon. Tu’i’onetoa attended the ADB’s 52nd annual meeting in Fiji at the beginning of this month.
The ADB’s chief economist, Yasuyuki Sawada, visited at the end of April.
At the beginning of this month the Asian Development Bank identified tourism as a growth area in the Tongan economy.
According to bank’s Asian Development Outlook 2019 report, tourism contributed 11.5% of Tonga’s GDP in 2017,
Tonga has received $70.2 million in loans, $121.2 million in grant and $23.3 million in technical assistance from the ADB since 1972.
The bank said tourism also had to be kept to environmentally friendly and sustainable.
Infrastructure had to be sufficiently resilient to withstand cyclones.
The main points
- The Asian Development Bank has upgraded its Tongan office to a Pacific Country Office.
- Tonga’s Minister of Finance, Hon. Pohiva Tu’i’onetoa, said the upgraded office would help support the government.
For more information
Tourism a growth area for Tongan economy says new Development Bank report