October 14, 2024 3:47 am | Posted in Features
The Vanuatu Government invests in both commercial and non-commercial enterprises. These organizations function outside the normal fiscal operation of the government and generally manage their own funds. The interests held by the Vanuatu Government varies from being 100% shareholders to minority interests. The failure and Liquidation of the National Airline, Air Vanuatu in 2024 has place a spotlight on these state owned enterprises. Read more»
October 1, 2024 4:12 am | Posted in Features
This statement of responsibility confirms the Government’s commitment in preparation and finalisation of the 2025 Budget. It outlines the core economic and financial policies of the Government that are in line with the legal requirements of sections 9 and 10 of the Public Finance and Economic Management (PFEM) Act [CAP 244]. These policies aim to achieve Government’s policy objectives and targets that were outlined in the Government’s National Sustainable Development Plan (NSDP) or the people’s plan 2030, in order to enhance economic growth and improve service delivery. Read more»
August 22, 2024 1:22 am | Posted in Features
At the end of July, the Vanuatu Government released its Half Year Economic and Fiscal Update. It is a stark and concerning read.Firstly, Government revenue was 23% below target until June, with no single revenue source meeting its target. Other revenue (mostly citizenship schemes) was the worst performing revenue source - reaching just 60% of its target. VAT started the year off very well, but the liquidation of Air Vanuatu has had a clear and crushing impact on the economy. VAT returns in June were 25% lower than 2023. Read more»
March 12, 2024 11:58 pm | Posted in Features
The National Energy Roadmap of Vanuatu was launched in 2013 by the Vanuatu GovernmentThe overall vision of the 2013 version of the National Energy Road Map (NERM) was to energize Vanuatu’s growth and development through the provision of secure, affordable, widely accessible, high-quality, clean energy services for an educated, healthy, and wealthy nation. Vanuatu’s NERM was first endorsed by the Council of Ministers in 2013. At that time, the NERM identified five priorities for the energy sector: access, petroleum supply, affordability, energy security, and climate change. The roadmap was updated in 2016. Read more»
February 23, 2024 8:01 am | Posted in Features
Vanuatu is striving for Energy Sovereignty, that is, self-sufficiency in its energy needs through sustainable and locally controlled sources. The nation's small size, geographical isolation, and exposure to globalmarket fluctuations make the pursuit of Energy Sovereignty not just a matter of national pride, but a vital component of its survival and prosperity. Energy Sovereignty in Vanuatu encompasses the nurturing of island and ocean ecosystems, transitioning from diesel to renewable energy, and combatingclimate change by curtailing fossil fuel dependency. Read more»
January 25, 2024 11:03 pm | Posted in Features
As the global travel landscape reopens, and airlines begin to operate additional flights, Vanuatu, is experiencing a slow recovery in its tourism sector. The opening of international borders in July 2022 marked a pivotal moment for the country, revealing promising insights into visitor arrivals and traveltrends. However, there have been a few setbacks which have proved to be obstacles to the continuedrecovery. In March 2022, the Capital was hit by two cyclones, Kevin and Judy, within a 48 hour period, causing massive damage, power outages and destruction of property. Tourism numbers were significantly affected in the months that followed as hotels and resorts on Efate attempted to rebuild from the damage caused. Some hotels shut down completely. Read more»
November 16, 2023 12:45 am | Posted in Features
In a Press Release dated 11 September, the Reserve Bank of Vanuatu (RBV) announced, that the automated National Payments System (NPS) – VANKLIA - was live.What is the National Payment System NPS (VANKLIA)VANKLIA is the automated transfer system (ATS) that is used to facilitate transactions between banks inVanuatu. It is a clearing and settlement system that combines the functions of Real-Time Gross Settlement (RTGS) for high-value/urgent payments with those of an Automated Clearing House for Bulk/Low-value payments. It also includes a Central Security Depository (CSD). Read more»
October 16, 2023 10:03 pm | Posted in Features
On the 26 September, the Vanuatu Bureau of Statistics released the June Quarter 2023 Consumer Price Index update. This report is published quarterly and is used as an indicator of the inflation rate. The CPI is used to measure the changes in the prices of goods and services purchased by households over a period of time calculated from the monitoring of exactly the same goods and services each quarter. The change in prices is commonly referred to as the Inflation rate. Read more»
June 30, 2023 12:37 am | Posted in Features
The National Energy Roadmap of Vanuatu was launched in 2013 by the Vanuatu GovernmentThe overall vision of the 2013 version of the National Energy Road Map (NERM) was to energize Vanuatu’s growth and development through the provision of secure, affordable, widely accessible, high-quality, clean energy services for an educated, healthy, and wealthy nation. Vanuatu’s NERM was first endorsed by the Council of Ministers in 2013. At that time, the NERM identified five priorities for the energy sector: access, petroleum supply, affordability, energy security, and climate change. The roadmap was updated in 2016. Read more»
May 31, 2023 4:27 am | Posted in Features
On May 9 the Vanuatu Government announced that the minimum wage for workers would be 300 vatu per hour effective from the 1st June. This increase was a 36% increase from the previous rate of 220 vatu.The background to the minimum wage increase.Over the past few years, there has been extensive public discourse regarding the minimum wage. The previous rate, set at 220 vatu since 2019, saw an increase from 200 to 220 per hour. Prior to that, in 2017, the rate had risen from 170 vatu. Due to the economic conditions brought about by the COVID-19 pandemic, any discussions regarding minimum wage increases were postponed. Read more»
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