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Project Data Sheet: Strengthening Fiscal Management in Tuvalu
Project Overview
The Asian Development Bank (ADB) has approved a project aimed at strengthening fiscal management and promoting economic growth in Tuvalu, a small island nation in the Pacific. The Ministry of Finance and Economic Development (MFED) will implement the project with technical assistance from ADB.
Key Objectives
- Strengthen fiscal management
- Promote economic growth in Tuvalu
Environmental and Social Aspects
The project does not appear to have significant environmental or social impacts, as there are no mentions of specific safeguards or concerns in the Project Data Sheet (PDS). However, stakeholder communication, participation, and consultation will be involved during both design and implementation phases.
Key Considerations
- Stakeholder engagement
- Environmental and social safeguard measures
- Consultation with local communities
Project Implementation
The project has already been implemented, but two outstanding actions remain:
- Operationalizing Tuvalu’s Debt Risk and Mitigation Policy
- Appointing a Banking Commissioner under the 2011 Banking Commission Act
Timelines
- Completion of outstanding tasks: late 2012 or early 2013
Lessons Learned
The project highlights the importance of building stronger political consensus for reform through support from government leaders, parliamentarians, and the community. Improved development partner coordination and a medium-term perspective are also essential for restoring fiscal sustainability in small island nations like Tuvalu.
Key Takeaways
- Building strong political consensus
- Improved development partner coordination
- Medium-term perspective
Project Funding
The project is funded by ADB with a total cost of $2.35 million. There is no counterpart funding or cofinancing from other sources.
Financial Details
- Total cost: $2.35 million
- Source: Asian Development Bank