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This book, by Christopher Browne with Douglas A. Scott, reviews the economic progress that Fiji, Kiribati, Papua New Guinea, Solomon Islands, Tonga, Vanuatu, and Western Samoa have made since independence. An overview of the region examines development strategies, external economic relations, the role of the private sector, and the evolution of financial structures. Seven country studies describe the main characteristics of each economy, analyze performance over the past decade, and provide detailed statistics suitable for cross-country comparison.
The Cook Islands is among the best performing Pacific island economies, with many structures in place that support private sector investment, including an internationally competitive tax regime, an open trade regime, and good standards of education and health care. Future prospects are positive due to the growing tourism sector, and potential resource revenues from seabed minerals prospecting activities are another favorable development. The Government of the Cook Islands is committed to pursuing sustainable development through private-sector-led growth. Yet, the Cook Islands faces significant challenges in realizing its full potential, including a sluggish business entry process that discourages foreign investment, inadequate infrastructure that threatens to degrade the natural environment, complex land ownership and inadequate land use planning processes, and a weak collateral framework.
This departmental paper provides an in-depth overview of access to climate finance for Pacific Island Countries, evaluating successes and challenges faced by countries and proposes a way forward to unlock access to climate funds.
The Pacific Private Sector Development Initiative---a regional technical assistance facility cofinanced by the Asian Development Bank (ADB), the Government of Australia, and the Government of New Zealand---has undertaken landmark secured transaction reforms in eight Pacific Island countries. These reforms have unlocked the value in "movable" assets such as machinery, inventory, and accounts receivable for use as collateral in borrowing. They have the potential to benefit businesses and financial institutions that offer business loans. Yet, despite these reforms, financial institutions remain unwilling to lend. Businesses still find it hard to access the credit they need to grow, which in turn creates jobs and drives the economic activity so desperately needed in the Pacific. Credit guarantees are often proposed as an instrument to overcome this problem. However, as this publication demonstrates, there is no strong theoretical justification for their use.
Since 2006, the Pacific Private Sector Development Initiative (PSDI) has worked to alleviate poverty and promote growth in the Pacific region through reforms that encourage private sector investment and entrepreneurship. This report describes developments and progress for PSDI Phase III's second year, and covers the period July 2014 to end-June 2015. PSDI is a regional technical assistance facility cofinanced by the Asian Development Bank, the Government of Australia, and the Government of New Zealand.
This publication describes further progress of ongoing and recently undertaken initiatives for the Pacific Private Sector Development Initiative (PSDI). It highlights the issues and many of the encouraging outcomes resulting from earlier efforts. It also explores issues expected to emerge in the future, and how they will be dealt with. PSDI is a regional technical assistance facility cofinanced by the Australian Agency for International Development. It supports and encourages inclusive, private sector–led, sustainable economic growth among Pacific developing member countries of the Asian Development Bank. PSDI focuses on improving access to financial services, business law reform, and state-owned enterprise reform and public–private partnerships in the region.