Original disclosure @ ADB website
Updated in EWS Jul 5, 2022
Disclosed by Bank Dec 10, 2021
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According to the bank's website, "The Supporting Sustainable Economic Recovery Program will help the Cook Islands restore fiscally sustainable growth led by the private sector, which has been adversely affected by the coronavirus disease (COVID-19) pandemic. The program aims to (i) improve fiscal management and sustainability and (ii) strengthen the enabling environment for the private sector. It aligns with Asian Development Bank (ADB) Strategy 2030 operational priorities of strengthening governance and institutional capacity, accelerating progress in gender equality, and fostering regional cooperation and integration. It is consistent with the country operations business plan for Eleven small Pacific island countries, 2021-2023 and Pacific Approach, 2021-2025.
A policy-based loan of $80 million is proposed to support the government's ongoing reform program to restore longer-term economic growth and fiscal sustainability while meeting urgent development financing needs. A single tranche stand-alone policy-based loan is considered appropriate since the economic recovery is uncertain, and the Cook Islands does not routinely use loans to meet development finance needs because of debt sustainability considerations. An initial drawdown of $40 million in 2021 will meet the Cook Islands' immediate financing needs. Since financing needs will be largely determined by the degree to which a tourism recovery can be sustained, the remaining $40 million will be made available for potential future drawdowns based on pre-defined conditions, through a precautionary financing option (PFO)."
New Zealand Grant US$ 21.20 million
Responsible ADB Officer Webb, James M.
Responsible ADB Department Pacific Department
Responsible ADB Division PASP
Ministry of Finance & Economic Management
Mr. Kevin Carr
PO box 120
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