Financial Secretary Office News

Financial Secretary Office News

PFM Road Map Review No: 3

The Cook Islands Government Public Financial Management (PFM) Roadmap was endorsed by Cabinet in October 2011.

The main objective of this roadmap is to assist the Government of the Cook Islands in facilitating and improving the current public financial management systems and also to ensure effective and efficient service delivery to the people of the Cook Islands. To date, a total of three reviews have been conducted.

This review covers the period July 2012 through to December 2012. The reviews have been scheduled to take place every six months, the reporting requirements has been adjusted to reflect the minimum requirements for meeting the goal ratings for each of the respective performance indicators as stipulated in the PFM Road Map.

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ADB Macroeconomic Assessment Report – June 2013

The Cook Islands is currently not a member of the International Monetary Fund (IMF) or the World Bank. As such, the Government cannot benefit from the monitoring and associated provision of policy advice provided by these bodies which are intended to identify and address weaknesses that could lead to financial or economic instability in member countries. With no recourse to this sort of scrutiny, in late 2012, the Cook Islands approached the Asian Development Bank (ADB) to undertake a macroeconomic assessment of the country, with particular reference to economic growth and fiscal and debt sustainability.

This Independent report is now publicly available here:

pdfCook_Islands_Macroeconomic_Assessment_June_2013.pdf466.53 KB.