economy

Vanuatu Government announces priority directives for 2021

The directives were adopted by the Council of Ministers on 21 May in Luganville, Santo.

Prime Minister Bon Loughman has stressed on many occasions that the decisions taken in Santo will be beneficial to the people of Luganville and the northern provinces generally in terms of investment, agriculture production and value chain, education, health and other service delivery.

Vanuatu Government announces major economic stimulus package

Caretaker Prime Minister Charlot Salwai officially announced a major economic stimulus package Tuesday to support the economy through these difficult times and bring some comfort to many who are already struggling.

“The global spread of COVID-19 pandemic presents a potentially catastrophic outlook for both public health and the economy,” he said in his official statement.

Vanuatu braces for economic downturn

In a national address on Tuesday the caretaker prime minister Charlot Salwai announced the extension of the ban on cruiseship visits to 60 days, the suspension of the labour mobility scheme to Australia and New Zealand and a reduction in international flights into the country.

Mr Salwai said as of yesterday there were no confirmed or suspected cases of the coronavirus in Vanuatu.

He said health authorities were working with the W.H.O and aid partners to make sure medical personnel are prepared to deal with coronavirus if it arrives.

Vanuatu economy to remain steady after developed status change - IMF

The UN will upgrade Vanuatu to a developed country in December 2020, removing some of the financial assistance benefits it has enjoyed.

The International Monetary Fund, which led a team visit to Port Vila last week, said Vanuatu's development relationships will stay strong after graduation.

Team leader Dirk Muir said a full recovery from 2015's Cyclone Pam is in sight and the tourism industry is expected to continue to grow.

Vanuatu government's income tax plans expected to go ahead amid volcano crisis

The Salwai Government is likely to impose income tax after the Council of Ministers adopted a controversial report from its Revenue Review Committee.

World Bank economist Kim Edwards says it's hard to predict exactly what effect the Ambae Island crisis will have on Vanuatu's economy and the government's grand plans.

“It’s a bit difficult to tell at this stage. I know the government has its own people on the ground monitoring the effect of the evacuation and what responses might be needed,” Edwards told Pacific Beat.

Why these Indian state elections matter to the whole world

As vote counts trickled in from five state elections on Saturday, one result loomed large: that of central India's Uttar Pradesh, home to more than 200 million people. The staggered five-week vote in that state alone marks the biggest election in the world in 2017.

Modi's ruling Bharatiya Janata Party, or the BJP, looks poised to take about 75% of the 403 seats on offer in Uttar Pradesh.

PNG Government expects over a billion in GST

Government estimates project GST to haul in K1,484.7 million (K1.5 billion) of the overall Tax on Goods and Services predicted revenue of K2,762.2 million (K2.8 billion).

The Tax on Goods and Services will also comprise of K691.1 million in Excise Duty, Import Excise of K300.3 million and K180.5 million in Gaming Machine Turnover Tax.

The Government states that the gradual increase in commodity prices and in the agriculture and mining sector in 2017 are expected to support income and spending on goods and services in the economy.

Vanuatu's airport bringing down its economy

Air New Zealand hasn't flown there since January, and Mr Salwai says the country's problem-plagued airport runway has hit the economy hard - however he expects resurfacing to begin early next year.

Mr Salwai says he understands Air New Zealand's refusal to resume services, but says if passenger services are not running, neither should charter flights.

"It affected the whole economy of the country," says Mr Salwai.

The runway has required multiple emergency patch-up jobs, and regular sweeping to ensure asphalt isn't sucked up into jet engines.

Minista blong faenem mo Ikonomic Manejmen Pikioune I peintem pitja blong ikonomi blong Vanuatu

Hemi se lukluk i stap se bambae grot blong ekonomik aktiviti raon long wol baebae hemi go antap moa bitim wanem we International Monetary Fund (IMF)i bin expektem bifo, espeseli insaed long ol emerging maket mo ol developin kaontris.

Taem hemi stap prisendem wan global economic aotluk long palamen bifo preentesen blong national badjet, minister Pikioune I talem se ol impruvmen long ekonomi blong ol kaontri ia, oli kontribiut long wan globol growth blong 3.6 pesen long yia ia 2016, mo IMF I expeketem wan smol rikavari blong 3.8 pesen long 2017.

Governments urged to consider legislative response to virtual currencies

This was one of several recommendations issued today by a Commonwealth working group set up to address  these currencies.  

After a three-day conference in London, the newly-formed Commonwealth Virtual Currencies Working Group concluded that virtual currencies have the potential to benefit countries and drive development.