Financial Secretary Office News

Financial Secretary Office News

Asian Infrastructure Investment Bank (AIIB) Membership Announcement

On the 1st of June 2020, the Asian Infrastructure Investment Bank (AIIB) admitted the Cook Islands as regional member of the bank, the 82nd member of AIIB.

The AIIB is a relatively new multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond. Headquartered in Beijing, AIIB commenced operations in January 2016 and have now grown to 102 approved members from around the world. AIIB main focus is investment in sustainable infrastructure and other productive sectors. AIIB has been designed on the success of existing multilateral development banks such as Asian Development Bank (ADB) and World Bank.

The founding members of AIIB include China, Australia, Britain, India, Malaysia, Indonesia, Singapore, Saudi Arabia, Brunei, Myanmar, the Philippines, Pakistan, Brazil, France, Germany and Spain. Current membership also includes New Zealand, Fiji, Samoa and Vanuatu.

Financial Secretary Garth Henderson stated that our membership of AIIB is timely in terms of the many challenges we face as a nation during COVID-19. AIIB is another financing avenue for supporting our efforts in protecting the health of our people and providing a lifeline to our businesses, our work force and our vulnerable. It has been a three-year process to achieve membership and I commend the Deputy Prime Minister for his determination to drive this and the officials from AIIB, MFEM and MFAI who have wholeheartedly supported the membership process.

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COVID-19 Economic Response Plan (ERP)

The Economic Response Plan (ERP) for the Cook Islands is executed in two phases. 

Phase I - a rapidly executed $61 million plan designed to meet the immediate needs of the community and the private sector after borders were shut. As a result, businesses were able to keep their workers on payroll and support was given to households to put food on the table.

Phase II – a $76 million plan providing comprehensive financial support to carry the country towards a post-COVID-19 future.

>> Economic Response Plan - PHASE I

>> Economic Response Plan - PHASE II (from 1 July 2020)

Public Notice - MFEM New Office Hours due to COVID-19

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MINISTRY OR FINANCE AND ECONOMIC MANAGEMENT
Government of the Cook Islands
Office of the Financial Secretary

PUBLIC NOTICE

In the light of COVID 19, MFEM wishes to advise that its offices will be following strict preventative measures as of Wednesday 25th March 2020.

We will be implementing reduced access to our offices therefore would like to encourage everyone to make an appointment by contacting the offices prior to visiting.

Economic and Planning Division ........ 29511.................. mfem.budget@cookislands.gov.ck

Treasury Management Division ........... 29511..................... mfem.funds@cookislands.gov.ck

Cook Islands Customs Service ............. 29510.......... customs.enquiries@cookislands.gov.ck

Revenue Management Division ............ 29365............................. tax.info@cookislands.gov.ck

Development Coordination Division ... 29521................... development@cookislands.gov.ck

Major Projects and Procurement ...... 29516..................... mfem.mpps@cookislands.gov.ck

Cook Islands Statistics Office ............. 29511.......................... stats.info@cookislands.gov.ck

Social distancing will be implemented and good hygiene practices are required. Visitors are required to use the hand wash station located at the front of our office’s upon arrival and when departing our office.

Stay safe!

Garth Henderson
Financial Secretary