Financial Secretary Office News

Financial Secretary Office News

Press Release - Government Vehicle Purchases 2017/18

In the 2017-18 budget, $400,000 was appropriated for the purchase of motor vehicles and other capital equipment.

This year’s vehicle purchases were considered in line with the Cook Islands Government Financial Policies and Procedures Manual (CIGFPPM) and the new Government Fleet Management Policy 2018 (Policy). The Policy was designed to ensure that government motor vehicles are identified, purchased, sold, and transferred in ways that support government operations, sustainability, and provide optimal value for money.

A total of 41 requests were received worth $870,780 from 14 different agencies. Of these 14 agencies, eight (8) agency applications were approved for a total of 23 motor vehicles at $371,234. The remainder of this fund will be used to cover shipping costs and additional insurance for vehicles that are to be purchased for the Pa Enua. The drawdown of the full $400,000 as recommended by the Capital Fund Committee (CFC) was approved by Cabinet on the 17 April 2018. The CFC members include the Financial Secretary, a Cook Islands Investment Corporation (CIIC) representative and takes advice from the Budget Support Group.

The CFC Secretariat will lead the procurement of all approved motor vehicle requests. The majority of vehicles will be bulk purchased via a Tender process to ensure value for money is obtained. A few job specific vehicles will be procured via a separate Quote process.

Vehicles being replaced will be recalled for disposal, sale or transfer where necessary.

The future government vehicle fleet will include electric vehicles. Some research is underway to determine when this should happen, and will be based upon costs savings over whole of life, reduction in emissions, and proven reliability.

For more information please call Taina Iro or Mercedes Tongia on 29511 or email taina.iro@cookislands.gov.ck or mercedes.tongia@cookislands.gov.ck

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Cook Islands Primary Credit Analysis Feb 3, 2017 report

On Feb. 3, 2017, S&P Global Ratings affirmed its 'B+/B' sovereign issuer credit ratings on the Cook Islands. The outlook remains stable. The Transfer & Convertibility assessment remains 'AAA'.

Overview 

The Cook Islands' developing policymaking and institutional settings, narrow economic base with infrastructure shortcomings, absent monetary policy flexibility, and information deficiencies, particularly in the external accounts, weaken the country's credit quality. • These weaknesses are balanced against the Cook Islands' strongly supportive relationship with New Zealand and donor agencies, the sound performance and outlook for the key tourism sector, and its low government debt burden. • We are affirming the 'B+/B' sovereign credit ratings on Cook Islands. The outlook on the ratings remains stable. Rating Action On Feb. 3, 2017, S&P Global Ratings affirmed its 'B+/B' sovereign issuer credit ratings on the Cook Islands. The outlook remains stable. The Transfer & Convertibility assessment remains 'AAA'.

Click the link below for a full transcript of the report.

pdfCook_Islands_Primary_Credit_Analysis_3_February_2017-Report.pdf294.95 KB

Standard and Poors Global Rating-Research Update

Cook Islands 'B+/B' Ratings Affirmed On Sound Tourism Prospects And Donor Support; Outlook Remains Stable

Overview
· The Cook Islands' developing policymaking and institutional settings,
narrow economic base with infrastructure shortcomings, absent monetary
policy flexibility, and information deficiencies, particularly in the
external accounts, weaken the country's credit quality.
· These weaknesses are balanced against the Cook Islands' strongly
supportive relationship with New Zealand and donor agencies, the sound
performance and outlook for the key tourism sector, and its low
government debt burden.
· We are affirming the 'B+/B' sovereign credit ratings on Cook Islands. The
outlook on the ratings remains stable.

pdfCook_Islands_Primary_Credit_Analysis_3_February_2017-Report.pdf294.95 KB