Building Macroeconomic Resilience Program, Subprogram 3 (ADB-48361-003)

Countries
  • Tonga
Where the impacts of the investment may be experienced.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 5, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Government of Tonga
The holder of the loan, grant, or other investment.
Sectors
  • Law and Government
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 5.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Grant Amount (USD)
$ 15.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 15.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ ADB website

Updated in EWS Aug 21, 2019

Disclosed by Bank May 9, 2019


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Project Description

According to bank documents, "The program, consisting of three subprograms, aims to strengthen Tonga’s long-term growth prospects and capacity to respond to external shocks. It supports government efforts to improve (i) its fiscal position by adopting prudent policies and better public financial management (PFM); and (ii) the business climate by continuing policy, regulatory, and public enterprise reforms. Subprogram 3 is the final subprogram, and builds on progress under two earlier subprograms of the Asian Development Bank (ADB) and other development partners approved in fiscal year (FY) 2016 and FY2017.[...]"

Investment Description
  • Asian Development Bank (ADB)

Co-financing:

Government of Australia US$ 2.80 million (Grant)
European Union US$ 2.20 million (Grant)
World Bank US$ 5.50 million (Grant)

Contact Information

Responsible ADB Officer Ananya Basu
Responsible ADB Department Pacific Department
Responsible ADB Division PASP
Executing Agencies
Ministry of Finance
Vuna Road, Nuku'alofa
Kingdom of Tonga

ACCOUNTABILITY MECHANISM OF ADB

The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main