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Vanuatu’s Financial Regulatory Bodies: A Key to Economic Growth
The Vanuatu Government has taken significant steps to boost economic growth and improve the wellbeing of its citizens through sound financial management. The Department of Finance and Treasury, as the advisor to the Government on economic, financial, and regulatory policy, plays a crucial role in achieving this goal.
Prioritizing Economic Growth
In its 2021 Budget Policy Statement, the Government prioritized boosting Vanuatu’s economic growth and improving the wellbeing of all Ni-Vanuatu citizens in a financially sustainable manner. The statement incorporated the Government’s economic and financial policies and priorities to achieve the policy objectives of the National Sustainable Development Plan (NSDP) 2030.
Economic Projections
According to recent economic surveys, Vanuatu’s economy is projected to slowly pick up from the first quarter of this year, with GDP growth expected to reach:
- 4.0% in 2021
- 4.5% in 2022
The Government has taken steps to drive growth through:
- Expansionary fiscal policies
- Loan repayment holidays
- Implementation of the 11th EDF (European Development Fund)
Infrastructure Development
The construction of new road projects is also expected to have substantial benefits for both users and society. An analysis revealed that the option of free-of-charge user roads would result in:
- Higher traffic volumes
- Lower externalities
- Greater total time savings
Responding to and Recovering from Tropical Cyclone Harold
The Vanuatu Government has implemented measures to respond to and recover from Tropical Cyclone (TC) Harold, including the stimulus package wage subsidy scheme update.
Public Financial Management Improvement Roadmap 2022-2026
The Public Financial Management (PFM) Improvement Roadmap aims to improve financial management and accountability in the country.
Financial Statements
The Government has compiled and submitted its 31 December 2022 Financial Statements, which are currently being audited by the Vanuatu National Audit Office. The statements provide valuable insights into the country’s financial performance and will inform policy decisions going forward.
Conclusion
Overall, Vanuatu’s financial regulatory bodies play a critical role in driving economic growth and improving the wellbeing of its citizens. By prioritizing sound financial management and implementing effective policies, the Government is well-positioned to achieve its development objectives and ensure a brighter future for all Ni-Vanuatu.