Financial Secretary Office News

Financial Secretary Office News

Press Release - Factsheet Anti Corruption

PRESS RELEASE

Factsheet

Keep the Cook Islands Corruption-Free
The Cook Islands supports the United Nations Convention against Corruption.

That means we work to make sure that our country works in a way that is open, transparent and accountable.

What is corruption?
Corruption is intentionally misleading or harming someone else in order to gain a financial or other benefit or to avoid an obligation.

Read more ...

The Ministry of Finance and Economic Management lodges its application to become a National Implementing Entity (NIE) for the Adaptation Fund

The Ministry of Finance and Economic Management lodges its application 

to become a National Implementing Entity (NIE) for the Adaptation Fund  

After 12 months of preparation and collaboration MFEM is pleased to announce that it has successfully lodged its application to become accredited to the Adaptation Fund (AF).  The AF Board will consider the proposal in April 2015 and between now and then the accreditation panel will be working with MFEM to ensure all the information is in order.  Out of the 17 NIEs accredited so far, there are no Pacific Island countries that have successfully gained NIE status.  Considering that the Cook Islands is a Small Island Developing State (SIDS) which is extremely vulnerable to current and future threats of climate change, it would be a great achievement locally, regionally, and internationally for MFEM to gain accreditation.

Read more ...

The Cook Islands to Host IMF PFTAC Steering Committee in March 2015

The Cook Islands will host the IMF Pacific Financial Technical Assistance Center (PFTAC) Steering Committee in mid March 2015.  PFTAC is one of the IMF's nine regional technical assistance centres, a model of technical assistance delivery first launched by the IMF in 1993 through PFTAC. 

PFTAC's guiding objective is improved economic management and sustainable economic growth across the Pacific Island Countries. PFTAC now serves 16 countries and territories, including the Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Marshall Islands, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Timor-Leste, Tokelau, Tonga, Tuvalu, and Vanuatu. 

PFTAC provides capacity-building assistance through a team of international resident experts, supplemented by short-term specialists, who deliver assistance in the IMF's core areas of expertise. With PFTAC, the IMF combines strategic advice from its Headquarters with local expertise and on-the-ground capacity building. 

PFTAC is guided by a Steering Committee that consists of representatives from recipient countries, donors and the IMF, facilitating a coordinated design, implementation, and monitoring of technical assistance programs. Its current program cycle is funded by the Asian Development Bank, Australia, the European Union, the IMF, Korea, New Zealand, and the host country Fiji.