To maintain fiscal responsibility in the short term, while ensuring social sector expenditure is protected, the government will need to reduce planned expenditure, and continue critical reforms to address underlying structural constraints. If these constraints are not removed, sound fiscal management and increased economic resilience will not be achievable. Possible government responses comprise fiscal, structural, and social policy measures, supported by prudent monetary policy.
The government will need budget support to (i) protect essential social expenditure for segments of society most adversely affected by the crisis, and (ii) advance structural reforms to improve medium-term competitiveness and productivity.
Latest Project Documents
|Economic Support Program||May 2011|
|Grant Agreement (Special Operations) for Economic Support Program between Kingdom of Tonga and Asian Development Bank dated 21 December 2009||Dec 2009|
|Economic Support Program||Nov 2009|
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