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The Asian Development Bank (ADB) has approved a US$4 million grant to help fund improvements to the management of public finances and national infrastructure.
“The Improved Fiscal and infrastructure Management Programme for Tuvalu will support reforms to improve the management of public finance and national infrastructure, building on the long-term engagement of ADB and other development partners to the country,” said the Country Coordination Officer from ADB’s Pacific Sub-regional Office in Fiji Beatrice Olsson.
The programme aims to strengthen Tuvalu’s fiscal sustainability by supporting priority policy actions under the government’s rolling multiyear policy reform matrix. The ADB assistance is policy-based, meaning the funds are released as budget support once policy actions outlined in the programme are successfully completed.
The programme will support efforts in two reform areas focused on improving overall efficiency in public resource allocation and utilisation. Under the first reform area, Tuvalu’s public financial management (PFM) will be improved and public confidence in the government’s ability to extend timely and high-quality public service delivery will be built. The first reform area will help implement the country’s PFM Reform Strategy 2019–2021, aimed to improve public financial reporting and public procurement, whille putting in place mechanisms for redress and noncompliance.
Under reform area two, improvements to building standards and management of national infrastructure will enhance resilience to disasters and ensure service delivery with economic efficiency throughout the service life of the infrastructure.
Tuvalu is a fragile microstate comprising nine low-lying atolls covering a land area of 26 square kilometers. More than half the population of 11,100 reside in the capital, Funafuti. Tuvalu’s remoteness from major markets, dependence on imports, and vulnerability to external shocks and climate change pose significant risks to socioeconomic development.
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