Australian Foreign Minister Alexander Downer announced that Australia and Tonga on Thursday signed a Performance Partnership to assist the Tonga government in implementing its economic reforms.
The Partnership is the first in a series of new Performance Incentives arrangements announced in Australia's 2007-08 (July 1, 2007 to June 30, 2008) overseas aid budget.
In 2007-08, the Australian government will provide up to 1.57 million Australian dollars (1.29 million U.S. dollars) of additional aid to the Kingdom of Tonga.
"In its first year of operation, the Partnership will focus on improvements in budget processes and tax administration, including implementing a new compliance regime to support recent tax reforms, " Downer said in a statement.
"These changes will help to ensure Tonga's budgetary stability and to direct government expenditure towards national development priorities, including health, education, infrastructure and private sector development," he said.
Source: Xinhua
|
Comment
Tell A Friend
Print Format
Save Article