New Caledonia independence parties prepare for talks with France
Key members of the New Caledonia’s independence movement Front de Libération Nationale Kanak et Socialiste (FLNKS) have debated policy at party congresses, in preparation for looming negotiations with the French
Samoa no longer in ‘debt distress’: Minister
Samoa has been taken off the list of “debt distress” nations and is now eligible to apply for loans from the International Monetary Fund or the World Bank. The Minister of Finance, Lautimuia Uelese
Commonwealth Finance Ministers meet in Marrakesh to tackle overlapping global crises
Commonwealth Finance Ministers met this week in Marrakesh, Morocco to discuss the reform of the global financial architecture, with particular attention to two pivotal areas, scaling up development finance and
Forum Chair calls for urgent rethinking of sustainable growth worries
The Chair of the Pacific Islands Forum and Prime Minister of the Cook Islands, Mark Brown, says there is an urgent need for Pacific leaders to relook at how they have been handling sustainable growth in their
Cook Islands PM asks partners to get serious about debt and climate financing as economic ministers meet
Cook Islands Prime Minister Mark Brown says if the region’s donor partners are serious about helping Pacific economies grow and recover, they “have to be serious about looking at changing the rules around financing,
Fiji Budget Debate: TELs change ‘selling out’ students
Fiji opposition parliamentarian, Parveen Bala says the government’s new scholarship system is “selling out of the principle of equal access to higher education, just to keep a badly thought-out election
Fiji Budget Debate: Seruiratu concerned over government debt
The Leader of the Opposition in Fiji’s Parliament says the government’s budget will increase national debt from FJ$9.9 billion to $10.5 billion. Seruiratu said, “The government debt had been on the decline
Fiji budget debate: Rabuka flags possible mini budget
Fiji’s Prime Minister said his government may deliver a mini-budget six months from now in order to ensure close monitoring of the 2023–2024 Budget. Prime Minister Sitiveni Rabuka told parliament yesterday: “This
Fiji Budget 2023-2024: A wrap
Fiji’s Deputy Prime Minister and Minister for Finance, Biman Prasad, today presented a deficit budget in Fiji’s parliament. With a projected revenue of $3.7 billion, and expenditure of $4.3 billion, the
Fiji Budget: A focus on debt sustainability
The drive to reducing Fiji’s debt underpins many of the measures included in the 2023-2024 Fiji budget, with the coalition government hoping to bring it down to 79% of GDP by July 2024. Government debt is projected to
World Bank to suspend debt repayments for disaster-hit countries
The World Bank will start offering a pause in loan repayments to the “most vulnerable” countries when they are hit by catastrophic events including climate-related disasters. The bank’s new chief Ajay Banga
World leaders headed to Paris summit in push for global debt, climate reform
World leaders will gather in Paris this week with ambitions to reimagine global financing for a new era shaped by climate change, as a cascade of crises swamps debt-burdened countries. French President Emmanuel Macron
Rich world’s leaders fail to commit to Paris global financing summit
Two weeks ahead of a highly-anticipated climate finance summit, most developed country leaders have not confirmed their attendance, sparking concerns they are not taking it seriously. In sharp contrast, the leaders of
Samoa government eyes debt reduction
The Samoa Government has forecast public debt will reduce the country’s gross domestic product (GDP) ratio to 32.1 percent by the end of the financial year 2023-24. It plans to achieve this by continuing the
Widen tax base, spend more efficiently
World Bank's Advice to 9 Pacific Economies The World Bank says six Pacific Island countries are at high risk of debt distress, and that gradual cuts to government spending are vital for balancing budgets and avoiding
Samoa at high risk debt distress: IMF
A new debt sustainability analysis (DSA) prepared by the International Monetary Fund (IMF) and the World Bank Staff has shown that Samoa remains at high risk of external and overall debt distress, unchanged from the
Pacific Islands Economic Outlook 2023
After two long years of COVID-19 and the tourniquet it applied to the lifeblood of Pacific economies— connectivity and tourism — what can our region expect in 2023? The United Nations predicts the global economy
Fiji marks first Corporate Bond Offer under new regulations
Fijian Holdings Limited (FHL) last week opened a Wholesale Corporate Bond offer of F$30 million, stating it marks a major step forward in efforts to diversify the nation’s financial market. It is the first bond offer
Opinion: The “polycrisis” and global devt finance: options and dilemmas
With a worsening hunger crisis spurred by food and fuel inflation, war in Europe, slowing global growth and rising debt distress, ongoing COVID-related supply chain disruptions, an unfolding climate change reckoning,
UNDP calls for debt relief now for 54 countries
Fifty-four countries that are home to more than half of the poorest people on the planet need urgent debt relief now, the UN Development Programme (UNDP) said in a paper published on Tuesday that calls for rich
PNG Court orders Govt premises unlocked
The Mexican standoff over the closure of PNG government offices due to nonpayment of rentals has ended. The National Court last Friday ordered landlord Nambawan Supa Limited to remove all locks to Vulupindi Haus,
PNG Govt kicked out of premises
Papua New Guinea Prime Minister James Marape’s whirlwind four-nation tour did not end with the best homecoming he expected. He arrived home Wednesday to be greeted with news that his ministry, National Planning
State debt is K51billion, says BPNG
Papua New Guinea’s total debt at the end of June was K51billion (US$14 billion), which is expected to increase to K54 billion (US$15 billion) by the end of the year, according to the Bank of PNG. The K54 billion
