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Tonga, Fiji, Kiribati, Tuvalu Facing Serious Fiscal Pressure: ADB |
| Source: |
pina.com.fj |
| Source Date: |
Wednesday, December 15, 2010 |
| Focus: |
ICT for MDGs
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| Created: |
Dec 20, 2010 |
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A new report from the Asian Development Bank (ADB) says Tonga, Fiji, Kiribati and Tuvalu are facing serious pressure on their national budgets.
The latest edition of the ADB's Pacific Economic Monitor says the fiscal position in the four countries is either close to, or already unsustainable.
In Tonga and Fiji government debt is main problem with the Bank warning Tonga faces a high risk of debt distress.
Debt there has risen from 32 per cent of Gross Domestic Product to 41 per cent since 2009. Revenue has also been sharply down.
ADB economist Emma Veve says the newly-elected Tongan government will have to cut spending.
In Kiribati and Tuvalu, poor trust fund performance and loss of jobs by seafarers has caused a big revenue drop.
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Tonga, Fiji, Kiribati, Tuvalu Facing Serious Fiscal Pressure: ADB A new report from the Asian Development Bank ADB says Tonga Fiji Kiribati and Tuvalu are facing serious pressure on their national budgets
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