Financial Secretary Office News

Financial Secretary Office News

Cook Islands Peer Review launched

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 Peer Review launched

21 October, 2013, Rarotonga, Cook Islands - Over the next two weeks, a Peer Review team of Pacific development officials will be in the Cook Islands to undertake a review of how the Cook Islands government, development partners and other stakeholders plan, budget, deliver and monitor development programmes and services to the people of the Cook Islands.  The peer review team will meet with a wide range of political and traditional leaders, parliamentarians, senior government officials, private sector, civil society representatives, the general public and development partners including with the communities in Mangaia and Aitutaki.

The Cook Islands is the 12th Forum Island Country to undertake this process and like other Pacific Island countries, is committing to improve the efficiency and effectiveness of national planning, budgeting, delivery and monitoring of development programmes. The ultimate aim is to improve development outcomes and accelerate progress towards achieving the Millennium Development Goals (MDGs).

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Palau Visit to Cook Islands

On Thursday 19 September, the Ministry of Finance and Economic Management hosted a delegation of elected officials from the Republic of Palau. The Delegates and Senators (from Palau’s lower and upper house’s respectively) were here to learn about the VAT system of the Cook Islands – a system widely regarded as one of the best in the Pacific.

Palau and the Cook Islands share many similarities and can learn a lot from each other. We share a similar economic structure, population size, and relationship of free association with a partner country. In the past, officials from the Budget team at MFEM have travelled to Palau to share their knowledge about health related tax policy and multi-year budgeting. Going back further, the Compact of Free Association that Palau has with the USA is based on the same agreement that the Cook Islands has with New Zealand.

During their visit, the delegation met with officials from the Revenue Management Division in MFEM, the Budget and Economic team, the Prime Minister, Cook Islands Tourism Corporation, Telecom, the Chamber of Commerce, BTIB and the Tourism Industry Council.

June 2012/13 Quarterly Financial Update

The Cook Islands Government, through the Ministry of Finance, is in the process of establishing a 'Sovereign Wealth Fund' for the management of future revenues which may come from mining the Cook Islands sea bed. 

Minister for Finance, the Honourable Mark Brown outlined;

“The Sovereign Wealth Fund will be a fund for everyone in the Cook Islands. It is very important that we set up this fund correctly today so we can ensure the success of our nation moving into the future. 

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