Financial Secretary Office News

Financial Secretary Office News

Order in Executive Council authorises changes in expenditure for 2014/15

In line with Article 70 (3) (b) of the Cook Islands Constitution an Order in Executive Council was passed to authorise the modification of spending in some areas. 

Additional spending of $1.688 million has been approved in 2014/15. This has been offset by $1.6 million in savings which will be sequestered from the underwrite of the long haul flights to Los Angeles and Sydney.  An additional $3.5 million is estimated to be received in 2014/15 from fishing activities. 

A final estimated outcome for the 2014/15 Budget will be provided at the time of presenting the 2015/16 Budget, a preliminary unaudited actual outcome for 2014/15 will be provided in the June 2015 Quarterly Financial Statement.

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Cook Islands' New Circulating Coins (Press Release 2015.03.02)

The Minister of Finance, the Hon Mark Brown, will shortly be arriving in Australia to officially strike the Cook Islands’ new circulating coins to be released later this year.

In August 2013, Minister Brown announced that the Government will launch a set of new coins to celebrate the 50th anniversary of Cook Islands self government on 4 August 2015.

On 4 March 2015, Minister Brown will officially start production of each of the six denominations of the Cook Islands’ new coins in a ceremony at the Royal Australian Mint in Canberra.

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Standard and Poors Re-affirms Cook Islands Credit Rating at B+/B

Today, Standard and Poors re-affirmed its credit ratings for the Cook Islands at 'B+/B' with a stable outlook.

In describing the outlook for the Cook Islands Standard and Poors balanced the Cook Islands' sound economic growth prospects and low level of government debt, against the challenges it faces in overcoming weak political and institutional settings and fostering more robust economic growth.

In describing the Cook Islands debt position Standard and Poors outlined that the government's sizable infrastructure programme which is currently underway is leading to rising, albeit still modest, debt levels.

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