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Business and Economics > Public Finance

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Cook Islands x
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Cover IMF Working Papers
Review of the Public Financial Management Reform Strategy for Pacific Island Countries, 2010-2020
Mr. Richard I Allen
,
Ms. Majdeline El Rayess
,
Laura Doherty
, and
Priya Goel
This paper reviews the Public Financial Management (PFM) reform stategy for 16 Pacific Island Countries (PICs) during the period 2010-2020. The strategy was endorsed by the finance and economic ministers of the region (FEMM) in 2010. The paper analyzes more than 30 PEFA assessments carried out across the region. The region shares the generally slow pace of PFM reform that is also a feature of most developing countries. Some PICs have improved their PFM performance significantly, while others have done less well. PFM reforms have suffered from the small size and low capacity of many PICs, poorly designed PFM roadmaps, variable political suppport for reform, and vulnerability to natural disasters. The paper recommends that in the next five years, there should be a more granular and targeted approch to PEFAs. PICs should focus on basic PFM reforms and (where capacities allow) more transparent public finances, as well as better management of climate change considerations, public infrastructure, gender inequalities, and state-owned enterprises. Perseverance by countries in implementing reforms and leadership by finance ministries are critical. PFTAC’s advice is highly regarded across the region, and it could consider alternative modalities of CD delivery and stronger coordination with other development partners.
Keywords:
WP; PEFA assessment; PFM advisor; PFM reform; PFM performance; PFM system; CD activity; Public Expenditure and Financial Accountability (PEFA); Budget planning and preparation; Fiscal risks; Budget execution and treasury management; Pacific Islands; Pacific Islands Countries; public finance management (PFM) reform; PFTAC; PEFA
Cover IMF Staff Country Reports
Cook Islands: Technical Assistance Report–Macroeconomic, Financial, and Structural Policies
International Monetary Fund. Asia and Pacific Dept
A mission was requested by the New Zealand authorities to the Cook Islands to focus on policy options for transitioning to high-income status, financial sector stability and regulatory framework, and debt sustainability.1 It evaluated these issues in the context of the medium-term outlook and against the context of a recently developed fiscal framework. The Cook Islands is a self-governing territory in free association with New Zealand, but it is not an IMF member (Box 1).
Keywords:
ISCR; CR; Cook Islands economy; debt ratio; economy; net; cash reserves; Cook Islands superannuation; economic statistics; debt target; return on assets; Natural disasters; Tourism; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Cook Islands: Assessment of the Supervision and Regulation of the Financial Sector Volume I—Review of Financial Sector Regulation and Supervision
International Monetary Fund
This paper reviews financial sector regulation and supervision in the Cook Islands (CI). The CI has taken a number of measures to strengthen its financial sector regulation. New legislation was passed for the regulation of banking activity, and a Financial Supervisory Commission (FSC) was established. A suite of antimoney laundering legislation was enacted in May 2003 with work ongoing in respect of legislation for combating the financing of terrorism. The new Banking Act and FSC Act provide a good basis for sound financial sector regulation.
Keywords:
ISCR; CR; trustee company; CFT regime; due diligence; tax authorities; company service; intelligence officer; law enforcement authority; state party; action authority; law enforcement; government of the Cook Islands; domestic law; government supervision; supervision authority; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism financing; Money laundering; Legal support in revenue administration; Australia and New Zealand; Pacific Islands; Asia and Pacific
Cover IMF Staff Country Reports
Cook Islands: Assessment of the Supervision and Regulation of the Financial Sector Volume II—Detailed Assessment of Observance of Standards and Codes
International Monetary Fund
This paper focuses on key findings of the detailed assessment of observance of standards and codes in the financial sector of the Cook Islands (CI). The new legal framework in CI represents an important first step in correcting deficiencies, as they are all addressed in the new set of laws. The framework empowers the Financial Services Commission to license, supervise, and regulate the financial sector. It also provides it with enforcement authority in the event of noncompliance with the law, and to cooperate with foreign supervisors where necessary for implementation of comprehensive supervision on a consolidated basis.
Keywords:
ISCR; CR; The FIU; due diligence; police force; commercial bank; compliance officer; FSC staff; holding company; risk assessment; risk management; banking business; human resources; enforcement power; high court; regulatory authority; Anti-money laundering and combating the financing of terrorism (AML/CFT); Money laundering; Legal support in revenue administration; Foreign banks; Pacific Islands; Global