Successful economic reform secures budget support grant from World Bank

Bairiki, Tarawa, 16 April, 2014— The Government of Kiribati received last month a budget support grant from the World Bank in the amount of AUD$5.8 million, a statement from the Ministry of Finance and Economic Development said.

The grant was secured and released by the World Bank last month after the government successfully completed the 2013 Economic Reform plan.

“In 2012, government approved an Economic Reform plan which identified key economic reforms that would be required to ensure a reduction in fiscal deficits and sustainable management of financial resources.” The statement added.

The reform entails improving revenue performance, improving the management of State-owned Enterprises and public debt and, expanding private sector opportunities.

Due to a successful implementation of reform actions last year, a broader range of donors are now seeking to provide a greater amount of budget support, according to the statement.

“A number of donors have expressed their interest in providing a greater amount of budget support due to this successful reform such as the Asian Development Bank to name but a few.” The statement added.