FICs Customs revenue collection to be improved
MEDIA RELEASE (71/09)
10th November 2009
FORUM ECONOMIC MINISTERS ASSIST CUSTOMS ADMINISTRATIONS AND IMPROVE FINANCIAL DEVELOPMENT
At their meeting in Cook Islands on 27 – 28 October, Forum Economic Ministers initiatied programs aimed at increasing national income through improved customs revenue collection and increased financial literacy in communities.
A pilot programme to establish a mobile post-clearance audit unit is to be started as a part of a strategy to improve revenue collection and trade facilitation in the Forum Island Countries (FICs). Ministers requested the Oceania Customs Organisation (OCO), with support from the Forum Secretariat, to start the pilot programme and to coordinate comprehensive assistance to Customs Administrations.
Ministers further discussed the importance of strengthening the financial sector to improve economic well being in Pacific island communities.
They discussed the importance of education to increase communities’ use of the financial sector and improve their management of resources. They referred this issue to the Forum Education Ministers’ Meeting, who could consider the development of a regional action plan for improving the teaching of financial literacy in FICs.
The Ministers also expressed concern over costs associated with private lending, including interest rates. They invited the Pacific Financial Technical Assistance Centre (PFTAC) to report on the results of a study they are doing on this issue.
Remittances continue to be an important source of revenue for many Forum member countries. Ministers agreed that remittance fees and charges are generally too high which reduces the level of funds received. They noted the work underway in the region to lower remittance costs and agreed that Australia and New Zealand will:
• work with FICs and other development partners, including the World Bank, to examine ways in which FICs can best position themselves to maximize opportunities for growth through remittances; and
• build on existing work to monitor trends in remittance fees and charges, including how such costs compare in the international context, and report back to FEMM next year.
The Secretary General of the Pacific Islands Forum Secretariat, Tuiloma Neroni Slade confirmed that these decisions and initiatives are aimed at assisting FICs develop capacity for strengthening revenue collection, increasing financial literacy and lowering costs of access to credit and remittances.
Mr Slade added that the Ministers were committed to ensure opportunities for revenue leakage are minimized and that the young generation are able to develop an appreciation for the importance of finance. The beneficiaries of remittances sent from abroad should also receive a fair share of these transfers by lowering the cost of transferring remittances. The cost of transferring remittances have risen recently.
ENDS.
For enquiries, contact Mr Sanjesh Naidu, the Forum Secretariat’s Economic Adviser on phone 679 331 2600 or email sanjeshn@forusec.org.fj.
10th November 2009
FORUM ECONOMIC MINISTERS ASSIST CUSTOMS ADMINISTRATIONS AND IMPROVE FINANCIAL DEVELOPMENT
At their meeting in Cook Islands on 27 – 28 October, Forum Economic Ministers initiatied programs aimed at increasing national income through improved customs revenue collection and increased financial literacy in communities.
A pilot programme to establish a mobile post-clearance audit unit is to be started as a part of a strategy to improve revenue collection and trade facilitation in the Forum Island Countries (FICs). Ministers requested the Oceania Customs Organisation (OCO), with support from the Forum Secretariat, to start the pilot programme and to coordinate comprehensive assistance to Customs Administrations.
Ministers further discussed the importance of strengthening the financial sector to improve economic well being in Pacific island communities.
They discussed the importance of education to increase communities’ use of the financial sector and improve their management of resources. They referred this issue to the Forum Education Ministers’ Meeting, who could consider the development of a regional action plan for improving the teaching of financial literacy in FICs.
The Ministers also expressed concern over costs associated with private lending, including interest rates. They invited the Pacific Financial Technical Assistance Centre (PFTAC) to report on the results of a study they are doing on this issue.
Remittances continue to be an important source of revenue for many Forum member countries. Ministers agreed that remittance fees and charges are generally too high which reduces the level of funds received. They noted the work underway in the region to lower remittance costs and agreed that Australia and New Zealand will:
• work with FICs and other development partners, including the World Bank, to examine ways in which FICs can best position themselves to maximize opportunities for growth through remittances; and
• build on existing work to monitor trends in remittance fees and charges, including how such costs compare in the international context, and report back to FEMM next year.
The Secretary General of the Pacific Islands Forum Secretariat, Tuiloma Neroni Slade confirmed that these decisions and initiatives are aimed at assisting FICs develop capacity for strengthening revenue collection, increasing financial literacy and lowering costs of access to credit and remittances.
Mr Slade added that the Ministers were committed to ensure opportunities for revenue leakage are minimized and that the young generation are able to develop an appreciation for the importance of finance. The beneficiaries of remittances sent from abroad should also receive a fair share of these transfers by lowering the cost of transferring remittances. The cost of transferring remittances have risen recently.
ENDS.
For enquiries, contact Mr Sanjesh Naidu, the Forum Secretariat’s Economic Adviser on phone 679 331 2600 or email sanjeshn@forusec.org.fj.
