World Bank backs measures to create new economic opportunities in Tonga
By Pacific Island Times News Staff
Nukuʻalofa—More than one in four Tongans are unemployed and lack access to education or training due to limited opportunities, according to the World Bank, which cites the need to open more doors to economic participation.
The World Bank today announced the approval of assistance for Tonga First Growth and Jobs Development Policy Financing, the first in a two-part program supporting reforms to expand access to digital payments and financial services,
strengthen workforce skills and apprenticeships, improve conditions for private investment and business growth, and enhance the management of the island kingdom's ocean resources.
"This initiative is about creating more opportunities for Tongans while simultaneously putting systems in place to amplify the resilience of our
people and our economy,” said V. Sivoki Lavemaau, Tonga's finance minister.
According to the World Bank's press release, the new operation is funded by a $15 million grant from the International Development Association, which supports low-income countries.
The program aims to strengthen the foundations for private sector-led growth, expand economic opportunities for Tongans and help the country make better use of its public, human and natural resources.
The policy measures also support new approaches to marine spatial planning and ocean management to help balance conservation, livelihoods and economic opportunities.
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These measures are expected to support the sustainable development of fisheries, tourism and other ocean-based industries while safeguarding Tonga's ocean resources for future generations.
“The people of Tonga have shown remarkable resilience in the face
of significant economic and disaster-related challenges," said Tatiana
A. Proskuryakova, World Bank division director for the South and North Pacific.
"By supporting private sector development, skills development, financial inclusion and sustainable management of natural resources, these reforms can help create more opportunities for Tongans and lay the foundations for stronger and more resilient growth."
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