Friday, 2 July 2010

Tongan economy faces year of "extraordinary need"

FACED with continuing drops in remittances and two years of negative growth, Tonga's financial planners have turned to aid donors to support the national budget for the new financial year 2010-11, in order to meet a current deficit of $12.1 million pa'anga, as well as multi-million pa'anga development budget needs.

The National Budget totaling $205.6 million, presented to the Tonga Legislative Assembly on June 14 and passed by the House this week on June 29, underscores the great financial difficulties that Tonga continues to face. Read more

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