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Annual Report 2002 : Pacific

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Tuvalu

Economic performance

Tuvalu’s economic growth continued in 2002, but at 2%, compared with 4% in 2001 as a result of significantly lower government expenditure.

Grants from external agencies were higher at an estimated Australian dollar (A$)2.3 million in 2002, compared with A$1.4 million in 2001. Investment income from the Tuvalu Trust Fund provided additional revenue for public expenditure and a cushion against external shocks. The budget surplus was A$5.2 million, or 85% of GDP.

ADB operations

Operational strategy: ADB’s strategy focuses on promoting governance and economic management; enhancing employment opportunities through skills development; and improving services on the outer islands, where the poor and vulnerable groups are concentrated, partly through sustainable financing mechanisms. In 2002, ADB helped the Government upgrade the Tuvalu Maritime Training Institute, the country’s only higher educational institution.

Policy dialogue: Dialogue with the Government continued on outer island development plans, including decision making, good governance, services delivery, and sound economic and fiscal management.

Loans and technical assistance: One loan of $1.9 million was approved in 2002 to develop maritime training. A technical assistance of $291,000 was approved (see tables 1, 6, 24, and 25 in the Statistical Annex).

Project implementation: Since joining ADB in 1993, Tuvalu has received two loans, of which one was active at the end of 2002. The cumulative contract awards totaled about $4 million, and the cumulative disbursements totaled nearly $4 million (see tables 14–23 in the Statistical Annex).

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