The Asian Development Bank is releasing the second $5 million tranche under its Economic Support Program for Tonga.
Launched at the height of the global financial crisis, the program seeks to provide the Pacific country with additional financial resources to safeguard spending for high-priority public services and sustain structural reforms aimed at boosting economic growth.
In a press release dated June 7, ADB noted the improved financial accountability and macroeconomic and revenue forecasting in Tonga.
“It is pleasing to see how the Government of Tonga has taken ownership of economic and fiscal management initiatives,” Adrian Ruthenberg, regional director of ADB’s South Pacific Subregional Office, said in the news release.
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