At the conclusion of the mission,
"Important reforms have been undertaken, including the progress made under the Policy Reform Matrix and build-up of fiscal buffers in the
"To put public finance on a sustainable path, efforts should be focused on strengthening tax administration, unwinding the recent budget expansion and further improving the cost effectiveness of social programs such as the Tuvalu Medical Treatment Scheme and Scholarship Programs. A new medium-term fiscal framework (MTFF) could be introduced to ensure sustainability, manage revenue volatility, and build fiscal reserves. In this context, the mission welcomes the initiative to further build up the
"Considerable progress has been made in enhancing public financial management, including prompt monthly budget reporting, and implementation of procurement regulations. Going forward, the recording and inter-agency reconciliation of fishing license fees should be improved; the budget process should be enhanced in line with the MTFF and development objectives; and a wage setting mechanism for government employees needs to be established in the context of public service reform to appropriately reflect living cost and productivity gains.
"A reform plan is needed to put public enterprises and banks on a sustainable footing. Public enterprises should operate on a commercial basis with their social responsibilities clearly defined and transparency and accountability further improved. A supervisory and regulatory framework for banks should be adopted as soon as feasible--in particular, the
"The mission welcomes the government's commitment to continued reforms under the national development strategy. Building upon the achievements made in implementing the Policy Reform Matrix, future reforms should focus on strengthening the fiscal framework and addressing structural weaknesses in public enterprises and banks. Rebalancing resources towards basic and vocational education, and improving health service and infrastructure would help deliver better development outcomes and enhance competitiveness."
TNS 30BautistaJude 140530-4751301 30BautistaJude
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