Financial Secretary Office News

Financial Secretary Office News

PSIDS urge ADB not to segregate climate and development finance

Pacific Small Island Developing States (PSIDS) are urging the Asian Development Bank (ADB) as one of its main multilateral banker, not to segregate climate and development finance.

They say the demarcation of these financing delinks long term development agenda, medium-term national planning and short term budgeting.

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ADB considers contingent credit line to finance post disaster recovery

Pacific Small Island Developing States have welcomed the decision by the Asian Development Bank (ADB) to develop a contingent credit line to finance post disaster recovery.

Cook Island Finance Minister, Mark Brown made reference to the new financing mechanism in his address at the 49th Asian Development meeting in Frankfurt.

“Pacific DMCs need innovative financing mechanisms that suit our needs and yet be flexible enough to account for inherent vulnerabilities, such as susceptibility to adverse climatic events and global economic shocks.”

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Public Notice: Old Cook Islands Coins No Longer Legal Tender as of 1 May 2016

The six new Cook Islands coins 10 cents, 20 cents, 50 cents, $1, $2 and $5 were launched by the Minister of Finance Honourable Mark Brown on 26 May 2015 and were available from the banks on 4 August 2015. 

The public are reminded that the last day for the old Cook Islands coins which are silver $1 and $2, and bronze $5 with the conch shell, to be used as legal is 30 April 2016.  Therefore, as from 1 May 2016 only the NEW COOK ISLANDS COINS and the NEW ZEALAND COINS will be the legal tender in the Cook Islands.

We encourage the public to take their old coins to their banks and exchange for new coins by 30 April 2016.

[END]

20 April 2016