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Wednesday, the Asian Development Bank announced that its board of directors had approved a $10 million loan to the Cook Islands to help boost an economy that has been strangled by the global financial crisis.
The Cook Islands is heavily dependent on tourism for its revenue, with as many as 100,000 visitors a year, almost six times the resident population. But the onset of the financial crisis has adversely affected the tourism industry, increasing the pressure on government spending programs. The Manila based firm said that the loan will allow the government to increase spending on badly needed infrastructure, while also strengthening fiscal management and social welfare policy.
The firm added that the loan would help the government to provide increased support for those on low incomes through the social welfare system, by allocating less budgetary resources to high income groups.
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