Financial Secretary Office News

Financial Secretary Office News

Sale by tender for disposal of 1992 Cook Islands bank notes

The Ministry of Finance and Economic Management seeks suitable companies, groups or individuals to submit a tender for the sale of its inventory of bank notes issued in 1992 and now out of circulation. These notes are no longer legal tender but have value to collectors of bank notes worldwide.

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Feedback sought on proposed changes to the CINSF Act

The Cook Islands National Superannuation Fund (CINSF) is an important part of the Cook Islands policy on retirement income. This policy is a traditional three pillar approach consisting of:

  • first tier – a basic universal pension provided to eligible Cook Islanders by either the Government of the Cook Islands (available from 60 years) or the Government of New Zealand (available from 65 years);
  • second tier – income derived from a mandatory saving through the CINSF (available from 55 years); and
  • third tier – income or wealth from voluntary savings through either additional contributions to the CINSF or some other form of retirement savings which are undertaken privately.

The Government is seeking feedback from all stakeholders of the CINSF on proposed changes to the CINSF which are aimed at improving outcomes for all members of the CINSF. The CINSF is a mandatory defined contributory superannuation scheme which aims to pay a final pension to a member which is determined on the value of the financial assets which a member accumulates prior to retirement.

Further information is available at http://www.mfem.gov.ck/mfemdocs/ceo/documents/1218-20151110-feedback-sought-on-proposed-changes-to-the-cinsf-act

Press Release: Ministry of Finance and Economic Management commences process of reviewing the MFEM Act

The Ministry of Finance and Economic Management has commenced a review of the MFEM Act 1996/97 with the aim of continuing the process improving public finance management in a modern Cook Islands context. The review of the MFEM Act follows the most recent Public Expenditure Financial Accountability (PEFA) assessment which was completed and the underlying need to have robust systems and processes supporting the future strengthening of the Cook Islands public service.

The review will be headed by the Financial Secretary and will seek the feedback from a number of stakeholders across the community to get views on the suitability of the Act. MFEM will also work closely with the International Monetary Fund (IMF) PFTAC in Suva.  Financial processes and systems in the Cook Islands are reasonably strong as evidenced by the 2014 which has now been finalised and expected to be published shortly.  A preliminary outcome was provided to development partners in February 2015.

The Cook Islands has now completed two PEFA assessments, the first in 2011, the second in 2014. 

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