Financial Secretary Office News

Financial Secretary Office News

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.

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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. 

CINSF Appeal

On Monday 17 November, the Cook Islands Court of Appeal made a decision on the constitutionality of the Cook Islands National Superannuation Fund Act 2000. The Court of Appeal found and declared that the Act is a valid enactment of the Parliament of the Cook Islands.

Cook Islands Minister of Finance, the Honourable Mark Brown pointed out that the Cook Islands National Superannuation Fund was a fundamental pillar of the country’s retirement policy. “We are becoming a more prosperous nation, we must move with the times, and we must ensure that the standard of living that our people have become accustomed to are maintained as much as possible in their retirement”

“The Cook Islands National Superannuation Fund is beneficial to the lives of workers in the Cook Islands, not detrimental. I was heartened by today’s decision, the Government recognises that there are improvements which could be made to the Act and we will look at those in the near future.

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