DOCSLIB.ORG

Improving the Performance of Sovereign Funds in the Pacific

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Improving the Performance of Sovereign Funds in the Pacific Improving the Performance of Sovereign Funds in the Pacific Aaron Drew, Associate, NZIER About NZIPR The New Zealand Institute for Pacific Research (NZIPR) was launched in March 2016. Its primary role is to promote and support excellence in Pacific research. The NZIPR incorporates a wide network of researchers, research institutions and other sources of expertise in the Pacific Islands. The University of Auckland, Auckland University of Technology and Otago University lead the NZIPR. Its support partners include the New Zealand Institute of Economic Research, the University of the South Pacific, the Australian National University, Peking University, the University of Hawaii, the Secretariat for the Pacific Community, the Ministry of Foreign Affairs and Trade and the Pacific Cooperation Foundation. Cover : ‘Ie toga in Samoa, 2011 Photography by M McCartney Published by Improving the Performance of Sovereign Funds in the Pacific Aaron Drew, Associate, NZIER IBSN: 978-0-473-39891-0 Page | 1 2 Acronyms and Abbreviations AUM Assets Under Management ETF Exchange Traded Fund FTF Falekaupule Trust Fund (Tuvalu) FSM Federated States of Micronesia IFSWF International Forum Sovereign Wealth Funds NITF Niue International Trust Fund NZIPR New Zealand Institute Pacific Research NZSF New Zealand Superannuation Fund NPRT Nauru Phosphate Royalties Trust OECD Organisation for Economic Co-operation and Development PI Pacific Island PNG Papua New Guinea RERF Kiribati Revenue Equalization Reserve Fund SIPO Statement of Investment Policies and Objectives SF Sovereign Fund TTF Tuvalu Trust Fund TSTF Tuvalu Survival Trust Fund TNPF Tuvalu National Provident Fund TITF Tokelau International Trust Fund Page | 3 Contents Acronyms and Abbreviations 3 1. Overview of the NZIPR Sovereign Funds Research Program 5 2. Key Findings of the Overview Report and the Assessment Approach 7 Overview Report 7 Assessment Approach 8 3. Pacific Island Trust Fund Assessments 9 Trust Fund Backgrounds 9 Key findings and recommendations 10 4. Summary and Concluding Remarks 15 References 16 Appendix A Tuvalu Trust Fund Findings and Recommendations 17 Key Findings 17 Recommendations 18 Tables Table 1 Features of Select Pacific Island Sovereign Funds 5 4 1. Overview of the NZIPR Sovereign Funds Research Program One of the key projects for the NZIPR is reducing the reliance on foreign aid and examining the roles of Sovereign Funds remittances. (SFs) in the Pacific Islands. This reflects the fact that SFs are often the largest single asset PI Funds are amongst the longest owner and investor in the Pacific Islands, established SFs in the World (e.g. Kiribati’s and the income stream from these funds can RERF was established in 1956), and Pacific also be a large part of fiscal revenues. They Island SFs tend to have much more can be an important part of Pacific Island dispersed and innovative funding sources wealth, and may help promote economic than Funds established by larger nations. development and buffer Pacific Island While most PI Funds tend to be very small economies from shocks such as natural in terms of AUM compared to funds in disasters. Particularly in the smaller Island more populous nations, they can be very nations, they are also seen as mechanisms to large relative to gross national incomes. enable greater levels of self-determination, Table 1 Features of Select Pacific Island Sovereign Funds Fund name and year Funding sources Fund size Fund as % of established $M USD GNI (indicative) Cook Island National Member contributions $75 67% Superannuation Fund (2000) Fiji National Provident Fund Member contributions $2,400 52% (1966) Kiribati Revenue Equalization Mineral royalties $680 209% Reserve Fund (1956) (phosphate) Solomon Islands National Member contributions $331 30% Provident Fund (1976) Niue International Trust Fund Foreign donors and Island $77 140% (2006) government revenues Tokelau Trust Fund (2000) Foreign donors $68 150% Tuvalu Trust Fund (1987) Foreign donors, internet $142 190% domain licencing and other Island government revenues Timor-Leste Petroleum Fund Mineral royalties (oil and $16,500 531% (2005) gas) This report summarises the research that has opportunities for funds to move closer to been undertaken on SFs in the Pacific and “best practice”. Our coverage of the Pacific draws out key findings, lessons and Islands included the very small Island Page | 5 nations in Polynesia and Micronesia, as well 1. A ‘desk top’ overview of Sovereign as the larger and more populous Melanesian Funds in the Pacific, their purposes, and Islands such as Papua New Guinea and the findings from the (relatively sparse) Solomon Islands. We also included a broad literature on the effectiveness in meeting set of Sovereign owned funds – including their purpose.1 Sovereign Trust Funds, Pension Funds, 2. The development of tools, including an Stabilisation Funds, Development Funds, assessment framework and “reference and other special purpose Funds. portfolios” to be used in detailed 2 We believe there are insights and lessons assessments of several PI Funds. from the Pacific Islands experience that will 3. Application of the tools to assess the be of interest to other small economies Tuvalu Trust Fund, Niue International considering the role of SFs (for example in Trust Fund and Tokelau International the Caribbean), and the wider SF research Trust Fund. community. Despite this, research attention on Pacific Island SFs has been limited, and The focus of this paper is on phase three, published cross-country studies tend to be where we draw out from the assessment focussed upon Sovereign Trust Funds rather some of the key common findings and than the broader set of SFs in the Pacific. opportunities we see to lift fund performances. Our research program consisted of three phases: 1 https://cdn.auckland.ac.nz/assets/NZIPR/ theroleofsovereignfundsinpacificislandsnations.pdf 2 https://cdn.auckland.ac.nz/assets/NZIPR/ assessmentframeworkforsovereignfundsinpacific islands.pdf 6 2. Key Findings of the Overview Report and the Assessment Approach Overview Report regards trust funds meeting their economic purposes. These studies show that the A key finding of our first overview report on establishment of a Fund is not a panacea for SFs in the Pacific is that many serve multiple Pacific Islands to meet their economic needs economic purposes (e.g. to provide short- and development challenges. Some funds term macro stabilisation and a source of have been broadly successful over a long inter-generational wealth) in practice if not in period. At the other extreme poor legislation. For example, Pension Reserve governance and investment management, Funds in the Melanesian Islands tend to play along with a lack of fiscal policy control, an important role in domestic development have led to very poor fund and fiscal and investment, even though it is not their outcomes, which have had broader negative primary purpose. The Trust Funds repercussion for living standards. established in the South Pacific also tend to have multiple economic purposes, including The lesson we take from this experience, budget support, economic development and and the broader literature on Sovereign inter-generational wealth. Funds is that the five key conditions for success include: In theory, multiple purposes are not ideal given there is potential for these purposes to I. The fund is established with a clear contradict each other, and in relation, the purpose, which is enshrined in ‘optimal’ asset allocation to meet their legislation; economic purpose. But in practice factors II. There is a clear and consistent such as the very small scale, limited integration of the fund into macro policy resources, lack of domestic financial settings and the government’s budgeting markets, and huge distances to markets in process; many Island nations mean that the establishment of multiple funds may not be III. There is a commitment to good internal feasible. and external fund governance, including clear lines of decision-making authorities Our high level review of current Funds between and across the main parties against what economic purposes might be involved in managing it; most beneficial for the Islands given their IV. There is a good investment process, different economic circumstances suggests guided by a clear and comprehensive set that more attention should be given to of investment and risk policies and developing macro stabilisation (budget procedures; and support) and explicit economic development objectives than is currently the case. V. There is a commitment to providing clear and timely communication of the The small number of published studies on fund’s purpose, performance and SFs, which don’t consider the role of investment activities with key Pension Funds, finds mixed outcomes with stakeholders and the broader public. Page | 7 Importantly, these elements are not just the Application of the framework to assess a responsibility of a fund’s staff and Board – fund involves three steps: they involve to varying degrees all of the main parties involved in the establishment 1. It requires that all relevant information and operation of a fund. This includes key (policy documents, legislation, external policy agencies (e.g. a central bank and/or reports, etc) are identified and collected. Treasury), the judicial and executive arms of government, a fund’s Board or oversight 2. It requires that this information is committee, and a fund’s investment and assessed against clear criteria in order to operational staff. form
Load more

Recommended publications
  • Whole of Government Financial Statements 2017
    TUVALU WHOLE OF GOVERNMENT FINANCIAL STATEMENTS for the Year Ended 31 December 2017 Government of Tuvalu Financial Statements STATEMENT OF RESPONSIBILITY The Government is pleased to present the Financial Statements of the Government of Tuvalu for the Year Ended 31 December 2017 We hereby declare that: - We have been responsible for the preparation of these Financial Statements and the judgments made in them. - We are responsible for establishing and maintaining a system of internal controls designed to provide reasonable assurance as to the integrity and reliability of financial reporting. - In our opinion these Financial Statements fairly reflect the financial position and operations of the Government of Tuvalu for Year Ended 31 December 2017 The Financial Statements were authorised for issue by the Minister of Finance on 30 June 2018 Hon. Maatia Toafa Mr Talavai Iona Minister for Ministry of Permanent Secretary for Finance and Economic Ministry Finance and Development Economic Development Government of Tuvalu Financial Statements 31-12-2017 STATEMENT OF INCOME AND EXPENDITURE For the Year Ended 31-12-2017 The accompanying notes form part of these financial statements. 2017 2017 2016 Notes Actual Budget Revised INCOME Taxation 9 8,735,452 7,405,728 7,337,401 Interest, Dividends and Rent 10 2,334,876 2,800,182 2,918,929 Fisheries Licenses 20 (a) 24,898,555 24,964,104 34,102,086 Dot TV 7,839,715 7,051,284 6,387,739 External Assistance and Grants 11 12,963,095 17,128,201 15,401,535 Other Income 12/20 (b) 6,124,773 2,547,288 5,612,772 Distribution from Tuvalu Trust Fund 3,300,000 6,699,996 4,780,000 TOTAL INCOME 66,196,465 68,596,783 76,540,462 EXPENDITURE Wages, Salaries, and Allowances 18,252,552 19,404,608 17,410,132 Contributions to Tuvalu National Provident Fund 1,591,972 1,540,580 1,487,255 Travel 13 4,699,613 2,879,965 3,876,044 Fuel, Electricity and Communications 2,740,949 2,304,687 2,931,506 Maintenance 3,814,383 5,103,001 2,409,853 Bank Charges and Fees 1,194,372 1,052,513 449,723 Grants and Subsidies (incl.
    [Show full text]
  • The Emerging New Zealand Jurisprudence on Climate Change, Disasters and Displacement
    MIGRATION STUDIES VOLUME 3 NUMBER 1 2015 131–142 131 The emerging New Zealand jurisprudence on climate change, disasters and displacement Jane McAdamà *Faculty of Law, University of New South Wales, NSW 2052, Australia. Email: [email protected] Abstract Downloaded from In mid-2014, there was global media coverage of a decision by the New Zealand Immigration and Protection Tribunal, heralded as the first legal recognition of ‘climate change refugees’. Despite the hype, the Tribunal had made no such finding. The case concerned a family of four from the small Pacific island State of Tuvalu, who argued, http://migration.oxfordjournals.org/ among other things, that the effects of climate change—in particular, a lack of fresh drinking water and sea-level rise—would have adverse impacts on them if they were forced to return home. While the Tribunal ultimately permitted them to stay in New Zealand, this was not because of the impacts of climate change in Tuvalu, but rather because of their strong family ties within New Zealand. The decision was based purely on humanitarian and discretionary grounds, not on any domestic or international legal obligation. However, since 2013, New Zealand has started to specifically and systematically delineate the legal protection framework applicable to claims based on the impacts of climate change, natural disasters or environmental degradation. While no one has by guest on March 10, 2015 yet been granted protection on these grounds, New Zealand’s jurisprudence provides the most comprehensive analysis by decision-makers to date about the scope and content of protection for people escaping the impacts of climate change and disasters.
    [Show full text]
  • Advancing Women's Political Participation in Tuvalu
    REPORT 5 Advancing Women’s Political Participation in Tuvalu A Research Project Commissioned by the Pacific Islands Forum Secretariat (PIFS) By Susie Saitala Kofe and Fakavae Taomia Acknowledgements This report would not have been possible if it had not been for the tremendous support granted by the President of the Tuvalu National Council of Women Mrs Katalaina Malua, the Director of Women Affairs Mrs Saini Simona and the Executive Director of the Tuvalu Association of Non Governmental Organisations Mrs Annie Homasi. You have not only been there to provide the moral support that I greatly needed during the research process, but you have also assisted me greatly in your areas of expertise. Your wisdom and altruistic attitude gave me tremendous strength to complete this work and I am invaluably indebted to you. I also would like to thank the Honourable Speaker to Parliament Otinielu Tautele I Malae Tausi, Cabinet Ministers Hon Saufatu Sopoaga, Hon Samuelu Teo, Hon Leti Pelesala, Honorable Members of Parliament Hon Kokea Malua, Hon Elisala Pita, Hon Kausea Natano, Hon Tavau Teii and Hon Halo Tuavai for supporting this research by participating in the research process. Many thanks also to senior government officials for taking their valuable time to participate in the research. Not forgetting also the individual representatives from the civil society as well as the island communities for consenting to partici- pate in this research. Your invaluable contributions have made it possible for me to complete this work and I sincerely thank you all for your patience and efforts. Last and not least I thank my family and especially my husband for supporting me all the way.
    [Show full text]
  • 2011 Tuvalu and Tokelau Drought
    2011 Tokelau and Tuvalu Drought Response LTCOL Terry McDonald Corps of Royal New Zealand Engineers New Zealand Defence Force Presentation Scope • Background and challenges • Deployment overview - OP Pacific Drought 2011 • Key focus areas: • “Humanitarian Assistance as a system of systems” • “Unpacking the problem” • “Information in a vacuum” • Conclusion Background and Challenges • Slow developing situation • Increasing development increases water use • Impact of La Nina on preceding six months rainfall • Reliance on rainwater capture and RO • Geographic Isolation – airfields / ports • Mission duration and footprint • NZDF MFRO capability Deployment overview – OP Pacific Drought 2011 Key Events Timeline: 28 Sep 11 – Tuvalu declares a state of emergency Sep 11 – Tokelau declares a state of emergency 30 Sep 11 – NZDF activates condition white OP Pacific Drought 04 Oct 11 – NZDF activates condition red OP Pacific Drought 05 Oct 11 – NZDF team TOKELAU deploys to AMERICAN SAMOA 06 Oct 11 – NZDF team TOKELAU links up with USCG WALNUT 07 Oct 11 – NZDF team TUVALU deploys to SAMOA 07 Oct 11 – Relief team TOKELAU arrives TOKELAU 08 Oct 11 – Relief team TUVALU arrives TUVALU 10 Oct 11 – Relief team TOKELAU RTNZ via AMERICAN SAMOA 09 Nov 11 – Relief team TUVLAU RTNZ via SAMOA Key Outcomes: TOKELAU – 123,000L of water produced and delivered to three atolls Distribution amount based on population TUVALU - 798,480L of water produced by NZDF MFRO Distribution primarily on Funafuti with Red Cross RO supporting NUKULAELAE References: http://www.tokelau.org.nz/site/tokelau/files/final%20final%20final%20tevakai%20NC.pdf
    [Show full text]
  • Antigua and Barbuda Citizenship-By-Investment Programme: OPTION 1
    INVESTMENT OPTIONS There are two investment options which serve as a qualifier for your ANTIGUA AND application to the Antigua and Barbuda citizenship-by-investment programme: OPTION 1 BARBUDA National Development Fund (NDF) Contribution Main applicant or a family of up to 4: USD 100,000. CITIZENSHIP BY INVESTMENT PROGRAMME For a family of 5 or more: USD 125,000. Global community - Global citizenship OPTION 2 Real Estate Investment ABOUT ANTIGUA AND BARBUDA Approved property: USD 200,000 or 400,000. Antigua and Barbuda is an independent Commonwealth state in the Eastern Caribbean. With GOVERNMENT FEES some 365 beaches of clean turquoise waters, the lush tropical islands of Antigua and Barbuda are an inviting paradise and considered to be one of the most beautiful places in the world. As a NDF: result, tourism is the key driver of Gross Domestic Product (GDP) and generates around 60% of Family up to 4: USD 25,000. the island’s income, with key target markets being the U.S., Canada and Europe. Antigua and Each additonal dependant: USD 15,000. Barbuda is a member of the United Nations, the British Commonwealth, CARICOM and the Real Estate: Organisation of American States (OAS) among many other international organisations. Family up to 4: USD 50,000. Each additional dependent: USD 15,000. WHY ANTIGUA AND BARBUDA TRAVEL WITH EASE PROCESS AND TIMELINE Month 1-2 Sign a retainer agreement and pay the first retainer invoice. The Antigua passport unlocks visa-free travel to over 140 countries including Hong Kong, Preparation Prepare required documentation. Singapore, the UK and the Schengen states.The passport is valid for a period of 5 years and will 10% payment of government fees.
    [Show full text]
  • Niue Joins the Biological Weapons Convention
    Niue joins the Biological Weapons Convention On 27 July 2018, the United States of America announced that Niue had deposited its instrument of accession to the Biological Weapons Convention (BWC) with the US Government which is one of three Depositary Governments of the Convention. Niue’s accession to the BWC, effective as of 14 June 2018, brings the total membership of the Convention to 181 States Parties. The Chairman of the 2018 BWC Meeting of States Parties, Mr. Ljupčo Jivan Gjorgjinski of the Former Yugoslav Republic of Macedonia, welcomed Niue’s accession: “I would like to warmly welcome Niue as the 181st State Party to the Biological Weapons Convention. More than ever, the BWC is a pillar of our fight against weapons of mass destruction and crucial for international security. I hope that this accession by Niue encourages the remaining three States not party to the BWC in the Pacific region to join the Convention at the earliest possible opportunity." Niue’s accession follows a universalization workshop for Pacific Island States that took place in July 2017 in Fiji, in which an official from Niue participated. The workshop was co-hosted by Fiji and the United Nations Office for Disarmament Affairs and was financed by the European Union under its Council Decision 2016/51 in support of the BWC. The workshop had a positive effect in the Pacific region as Samoa acceded to the BWC shortly afterwards on 21 September 2017. The BWC Implementation Support Unit, which is based within the Geneva Branch of the United Nations Office for Disarmament Affairs, is working closely with other States not party, the Depositary Governments, relevant regional and international organizations and other entities to encourage the remaining 16 States which have not yet joined the BWC to do so without delay.
    [Show full text]
  • Border Restrictions Updated 6 April 2021
    Please note, although we endeavour to provide you with the most up to date information derived from various third parties an d sources, we cannot be held accountable for any inaccuracies or changes to this information. Inclusion of company information in this matrix does no t imply any business relationship between the supplier and WFP / Logistics Cluster, and is used solely as a determinant of services, and capacities. Logistics Cluster /WFP maintain complete impartiality and are not in a position to endorse, comment on any company's suitability as a reputable serv ice provider. If you have any updates to share, please email them to: [email protected] Border Restrictions Updated 6 April 2021 State / Territory Restrictions (Other Info) Restriction Period Source of Info URL / Remarks State of Emergency is extended until 18 April 2021. Color-coded system to guide response. Current level is Code Blue. All entry permits suspended until further notice. All travellers must provide negative COVID-19 test results within 72 hours before arrival and are subject to full quarantine of 14 days. Moreover, the American Samoa traveller is required to disclose if he/she had a positive result prior to testing negative. American Samoa Until 18 April 2021 Government, 19 March https://www.americansamoa.gov/ Cargo flights into the Territory to deliver or retrieve cargo or mail will be allowed, provided that each 2021 occupant of the plane must furnish proof to the Director of Health of a negative COVID-19 test results within 72 hours before arrival, and further provided tht no one will disembark withouth the prior written approval of the Governor.
    [Show full text]
  • An Analysis of Kiribati, Nauru, Palau, Tonga, Tuvalu and Mauritius Thomas M
    Eastern Illinois University The Keep Masters Theses Student Theses & Publications 2004 Small-State Foreign Policy: An Analysis of Kiribati, Nauru, Palau, Tonga, Tuvalu and Mauritius Thomas M. Ethridge Eastern Illinois University This research is a product of the graduate program in Political Science at Eastern Illinois University. Find out more about the program. Recommended Citation Ethridge, Thomas M., "Small-State Foreign Policy: An Analysis of Kiribati, Nauru, Palau, Tonga, Tuvalu and Mauritius" (2004). Masters Theses. 1325. https://thekeep.eiu.edu/theses/1325 This is brought to you for free and open access by the Student Theses & Publications at The Keep. It has been accepted for inclusion in Masters Theses by an authorized administrator of The Keep. For more information, please contact [email protected]. THESIS/FIELD EXPERIENCE PAPER REPRODUCTION CERTIFICATE TO: Graduate Degree Candidates (who have written formal theses) SUBJECT: Permission to Reproduce Theses The University Library is receiving a number of request from other institutions asking permission to reproduce dissertations for inclusion in their library holdings. Although no copyright laws are involved, we feel that professional courtesy demands that permission be obtained from the author before we allow these to be copied. PLEASE SIGN ONE OF THE FOLLOWING STATEMENTS: Booth Library of Eastern Illinois University has my permission to lend my thesis to a reputable college or university for the purpose of copying it for inclusion in that · dings. ~Ju } oy Oat~ 1 I respectfully request Booth Library of Eastern Illinois University NOT allow my thesis to be reproduced because: Author's Signature Date lhesis4.form SMALL-STATE FOREIGN POLICY: AN ANALYSIS OF KIRIBATI, NAURU, PALAU, TONGA, TUVALU AND MAURITIUS (TITLE) BY Thomas M.
    [Show full text]
  • INTERGENERATIONAL FUNDS in the PACIFIC Tony Angelo,* Brian Bell,** Bayley Roylance***
    113 INTERGENERATIONAL FUNDS IN THE PACIFIC Tony Angelo,* Brian Bell,** Bayley Roylance*** Intergenerational funds are increasingly used worldwide to manage and preserve wealth for future generations. They are especially vital in the Pacific, considering that most countries rely heavily on finite natural resources and have limited opportunity for a diverse economy. Amongst the existing intergenerational funds, the treaty-based trust model, as exemplified by the Tuvalu Trust Fund, may provide the most stable and reliable regime for the trust's operation and management in the context of the Pacific countries. Most importantly, the treaty framework may sufficiently restrict the extent of the discretion and powers which governments may exercise over the fund, especially in terms of the freedom to alter the fund. Nevertheless, recent developments in the Pacific and elsewhere such as the Seychelles Conservation and Climate Adaptation Trust and the Intergenerational Trust Fund for the People of the Republic of Nauru have shifted away from the treaty-based fund model. Those structures potentially strike a balance between the benefits of the treaty model and the accommodation of specific political and social circumstances. Therefore, the most appropriate form for intergenerational funds is not only a legal but also a practical concern. Whatever model is applied, it should be contemplated within the unique context of the host country to suit its specific purposes and interests. I INTRODUCTION Intergenerational funds are of great interest to countries of the Pacific. New funds are created regularly and for an increasing range of objects. The purpose of this paper is to complement the legal commentary which was begun in a paper published in the Journal of Pacific History1 and also to update legal developments within the * Professor of Law, Victoria University of Wellington.
    [Show full text]
  • 2002 04 Small Is Viable.Pdf
    The U.S. Congress established the East-West Center in 1960 to foster mutual understanding and coopera- tion among the governments and peoples of the Asia Pacific region including the United States. Funding for the Center comes from the U.S. govern- ment with additional support provided by private agencies, individuals, corporations, and Asian and Pacific governments. East-West Center Working Papers are circulated for comment and to inform interested colleagues about work in progress at the Center. For more information about the Center or to order publications, contact: Publication Sales Office East-West Center 1601 East-West Road Honolulu, Hawaii 96848-1601 Telephone: 808-944-7145 Facsimile: 808-944-7376 Email: [email protected] Website: www.EastWestCenter.org EAST-WEST CENTER WORKING PAPERSPAPERSEAST-WEST Pacific Islands Development SeriesSeriesPacific No. 15, April 2002 Small is Viable: The Global Ebbs and Flows of a Pacific Atoll Nation Gerard A. Finin Gerard A. Finin is a Senior Fellow in the Pacific Islands Development Program, East-West Center. He can be reached at telephone: 808-944-7751 or email: [email protected]. East-West Center Working Papers: Pacific Islands Development Series is an unreviewed and unedited prepublication series reporting on research in progress. The views expressed are those of the author and not necessarily those of the Center. Please direct orders and requests to the East-West Center's Publication Sales Office. The price for Working Papers is $3.00 each plus postage. For surface mail, add $3.00 for the first title plus $0.75 for each additional title or copy sent in the same shipment.
    [Show full text]
  • Tier 1 Countries Andorra Antigua and Barbuda Argentina Aruba Australia
    Tier 1 Countries Tier 1 Countries Tier 2 Countries Tier 3 Countries Tier 4 Countries (continued) Andorra Qatar Albania Angola Afghanistan Antigua and Barbuda San Marino Algeria Anguilla Benin Argentina Saudi Arabia American Samoa Bangladesh Burkina Faso Aruba Seychelles Armenia Bhutan Burundi Australia Singapore Azerbaijan Bolivia Central African Rep. Austria Sint Maarten Belarus Cabo Verde Chad Bahamas Slovak Republic Belize Cambodia Comoros Bahrain Slovenia Bosnia/Herzegovina Cameroon Dem. Rep. of Congo Barbados South Korea Botswana Congo Eritrea Belgium Spain Brazil Cook Islands Ethiopia Bermuda St Kitts/Nevis Bulgaria Côte d’Ivoire Gambia British Virgin Islands St Martin China Djibouti Guinea Brunei Darussalam Sweden Colombia Egypt Guinea-Bissau Canada Switzerland Costa Rica El Salvador Haiti Cayman Islands Taiwan Cuba French Guiana Liberia Channel Islands Trinidad/Tobago Dominica French So. Territories Madagascar Chile Turks and Caicos Dominican Republic Georgia Malawi Croatia United Arab Emirates Ecuador Ghana Mali Curacao United Kingdom Equatorial Guinea Guadeloupe Mozambique Cyprus United States Fiji Honduras Nepal Czech Republic Uruguay Gabon India Niger Denmark Virgin Islands Grenada Indonesia North Korea Estonia Guatemala Kenya Rwanda Faroe Islands Guyana Kiribati Senegal Falkland Islands (Malvinas) Iran Kosovo Sierra Leon Finland Iraq Kyrgyz Republic Somalia France Jamaica Lao PDR South Sudan French Polynesia Jordan Lesotho Syrian Arab Republic Germany Kazakhstan Mauritania Tajikistan Gibraltar Lebanon Mayotte Tanzania Greece
    [Show full text]
  • 2018 Tuvalu National Budget
    Government of Tuvalu 2018 National Budget Presented on 06 December 2017 By the Hon Maatia Toafa Minister for Finance and Economic Development Table of Contents ACRONYMS AND ABBREVIATIONS ............................................................................................ 4 FOREWORD BY MINISTER FOR FINANCE AND ECONOMIC DEVELOPMENT .............................. 7 2018 BUDGET HIGHLIGHTS .................................................................................................... 9 DELIVERING ON THE GOVERNMENT’S POLICY PRIORITIES ......................................................................... 9 NATIONAL STRATEGY FOR SUSTAINABLE DEVELOPMENT 2016 – 2020 .................................. 15 2018 ECONOMIC OUTLOOK ................................................................................................. 16 MEDIUM TERM FISCAL FRAMEWORK 2018 – 2020 ............................................................... 19 MTFF AGGREGATES ....................................................................................................................... 19 REVENUE ...................................................................................................................................... 19 Taxation Revenue .................................................................................................................. 20 Investment Revenue .............................................................................................................. 20 Government Charges ............................................................................................................
    [Show full text]