Financial Secretary Office News

Financial Secretary Office News

COVID-19 Economic Response Plan (ERP)

The Economic Response Plan (ERP) for the Cook Islands is executed in two phases. 

Phase I of the ERP was a rapidly executed $61 million plan designed to meet the immediate needs of the community and the private sector after borders were shut. As a result, businesses were able to keep their workers on payroll and support was given to households to put food on the table.

Phase II – a $76 million plan providing comprehensive financial support to carry the country towards a post-COVID-19 future.

>> Economic Response Plan - PHASE I

>> Economic Response Plan - PHASE II (from 1 July 2020)


Update 1- COVID-19 Economic Response Plan (ERP)

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Office of the Financial Secretary
Ministry of Finance and Economic Management

Released 20 March 2020

Media Release

Update 1- COVID-19 Economic Response Plan (ERP)

Earlier this week Deputy Prime Minister Mark Brown outlined the Government’s COVID-19 Economic Response Plan to support Cook Islanders and their livelihoods.

This ERP package is the most significant package ever put together by any Cook Islands government.

The impact of COVID-19 on our economy is already being felt. The initiatives we are putting in place have been designed to soften that impact. The economic impact the Minister described just 2 days ago has already changed in-line with external announcements and travel restrictions. Our modelling has also had to change, and we are working towards confirming the next stage of the ERP response.

Details on each of the assistance measures provided through the ERP will be published next week including how to access the following support:

  • a one-off payment of $400 to those most vulnerable including pensioners, caregivers and those unable to work to support preparations for further social distancing measures to come
  • an unemployment benefit of up to one month where needed
  • an income tax credit of $2,000 for accommodation providers with up to 10 beds
  • a wage subsidy at the minimum rate to all employers who are affected by COVID-19 for a period of up to three months, with a three-month extension provided to those businesses that upskill their staff
  • cash grants to businesses that have been negatively impacted by the COVID-19 crisis of up to $15,000
  • an increase in the provisional tax threshold from $2,000 to $5,000

The Supplementary Budget Bill appropriating the funding for the above support will be tabled in Parliament on Wednesday 25th March 2020.

We expect to be accepting requests from Monday 30th March 2020.

Next week further details will be published as to how this assistance will be provided taking into account the need for ‘safe distancing practices’.

We appreciate that there will be many anxious people in our community and that the road ahead will be tough on many, but please rest assured that no shortage of effort is being used to soften the blow. Government’s reaction needs to be measured and fiscally responsible and we are working hard to deliver on that.

We thank you for your patience, but, it’s important we get this right.

Documents relating to Wednesday’s announcements can be found http://www.mfem.gov.ck/economic-planning.

Akakiteanga no runga i te tuanga tauturu no te basileia i teia tuatau o te COVID-19

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Office of the Financial Secretary
Ministry of Finance and Economic Management

Tuatua Akakite 20 Mati 2020

Tuatua Akakite

Akakiteanga no runga i te tuanga tauturu no te Basileia i teia tuatau o te COVID-19

I teia epetoma kua tuku mai te Tauturu Arataki o te Basileia, a Mark Brown i karere a te Kavamani no runga i te au ravenga tauturu ta te Kavamani i akanoonoo note tauturu e te akamatutu i te tuanga moni e te kimi puapinga o te Basileia no teia tuatau o te maki COVID-19.

Ko teia akanoonooanga kua riro te reira, ei tukuanga maata e te puapinga ta te Kavamani i akanoo no te Kuki Airani.

Te tupu nei tetai au manamanata i teia tuatau nei tei riro na teia maki COVID-19 is akatupu. Ko te ravenga ta te Kavamani in akanoonoo ka riro te reira ei akameangiti mai i te kino ka tupu ki te iti tangata. Mei ta te Minita i akakite ka riro teia maki ei akatuke i te tuanga puapinga o te Basileia mei ta tatou e kite nei i te au Basileia i vao mai ia tatou tei tuku I tetai au patoianga no te angaanga turoto. No reira ka inangaro katoa ia tatou kia akatuke i te au akanoonooanga e te ravenga angaanga. I teia tuatau te akaoti ia nei te akanoonooanga no teia parani e ka tuku ia atu te reira i teia nga ra ki mua.

I roto i teia parani ka tuku ia atu te au ravenga kia rauka iakoe tetai tauturu mei tei au tuanga i raro nei:

  • Te tuanga moni tauturu okotai e $400 te ka tutaki ia atu ki te au tangata e koi nei i te moni pakari, te aronga tiaki i te au tangata apikepike e pera katoa te au tangata kare ratou e rauka i te angaanga moni, ei tauturu ia ratou no te au ravenga tei akanooia no te paruru ia ratou kia kore e tu ia e teia maki
  • Te moni tauturu ki te au tangata tei ngere i te ngai angaanga moni i teia tuatau no tetai tai marama
  • Te akanooanga tauturu na roto i te akapaekeanga i te moni tero e $2,000 no te au are turoto mei te tai ngauru roi moe oki ki raro
  • E tuanga tauturu ki te au aronga kimi puapinga tei takinokino ia ta ratou pitiniti e te COVID-19 kia rauka ia ratou te tutaki i ta ratou aronga angaanga no tetai toru marama, ka oronga katoa ia atu tetai tauturu i runga ake no tetai toru marama me akapuapinga teia au pitiniti i teia tuatau no te terenianga i ta ratou au tangata angaanga
  • Tetai moni tauturu no te au pitiniti teia takinokino ia e te COVID-19, ko teia moni tauturu kua akakotinga ia te reira ki te $15,000 i te pitiniti okotai
  • Kote kotinga o te Provisional Tax ka akakake’ia atu teia mei te $2,000 ki te $5,000

Ko te akanoonooanga e te akatikaanga no teia moni tauturu ka uriuri ia atu te reira ki roto i te Paramani a te Ruitoru 25 no Mati 2020.

Ko to matou irinakianga ka rauka atu ia matou i te ariki atu i te au patianga a te iti tangata no teia tauturu mei te Monite 30 no Mati 2020.

Ka tuku katoa ia atu tetai au akakiteanga no runga i te au akanooanga no te tuanga tauturu tuketuke ma te akara matatio i te au ravenga paruru i te iti tangata no teia maki COVID-19.

Kua marama katoa matou e te manamanata nei te iti tangata I te ka tupu I te au ra e tu mai nei, inara te rauka nei ia matou te akapapu atu e te rave nei matou i ta matou ka rauka kia kore e maata te takinokino ka tupu ite iti tangata. Ko ta te Kavamani ka rave ka inangaro ia te reira kia tiratira tu.

Te rauka nei ia matou i te akameitaki I te iti tangata no to kotou akakoromaki, inara e mea puapinga kia tano te akateretereanga no teia parani.

Ko te au akatakaanga no te parani tei tuku ia mai i te Ruitoru ka rauka te reira i konei: http://www.mfem.gov.ck/economic-planning.