September 30, 2020 3:44 am | Posted in Features
The Vanuatu Chamber of Commerce recently commissioned a survey of the private sector to provide a snapshot of the effect the economic crisis created by the Corona Virus and TC Harold on the business sector. The survey was conducted over a 5 week period between the 20 August and 22 September. 86 different businesses were interviewed across a wide selection of the economy, along with an online survey of 203 respondents covering 15 different subsectors. Read more»
August 31, 2020 11:00 pm | Posted in Features
In March, due to the threat posed by COVID-19, the Vanuatu Government closed its border sand in doing so, closed down the Tourism Sector. There were great concerns this would have on the economy and the effect this would have on businesses that relied on tourism. The closure of borders resulted in a large departure of Expatriates from the country many of whom have yet to return. Read more»
June 30, 2020 12:36 am | Posted in Features
On the 31st March a little over a week after the 2020 national elections, the outgoing caretaker Prime Minister, Charlot Salwai, issued a statement in response to the COVID-19 Crisis and the economic outlook for Vanuatu.
The statement contained a number of measures to be implemented, that were intended to stimulate the economy after the closure of our borders and the devastating effects of this on the country’s tourism sector.
Read more» May 30, 2020 8:00 am | Posted in Features
Vanuatu Banks have been a critical and important part of how businesses affected by the Economic crisis created by COVID-19 are managing their situation. When we run out of money, we turn to our banks for help.
However, we need to also understand that our banks are just another business in Vanuatu. Banks are basically traders of money. In a very simplistic model, they accept deposits from people and institutions who may have funds to invest, ...
Read more» April 25, 2020 12:00 am | Posted in Features
Internationally, Economists are predicting that the COVID-19 Crisis will result in the worst recession since the Great Depression in the 1920s.
Business owners are extremely worried about the long term implication of the crisis and survival of their businesses. The Vanuatu Government should be applauded for its plans to implement an economic stimulus package with the Employee Stabilisation Payment programme and Financial Institutions like the banks and the VNPF have announced policies to assist both employers and employees.
Read more» March 28, 2020 8:00 am | Posted in Features
As the Vanuatu Government closes the borders in response to the threat of COVID-19, the country’s Tourism and Hospitality sector has shut down. Air Vanuatu has suspended all flights in and out of the country indefinitely and cruise ship arrivals have completely stopped.
The business sector is extremely concerned on the short and long-term effects this will create to Tourism and Hospitality as it contributes over 40% to Vanuatu’s GDP and is a large employer.
Read more» February 29, 2020 11:39 am | Posted in Features
On 15 January 2020 the new Foreign Investment Act no. 25 of 2019 was gazetted, repealing the Vanuatu Promotion Investment Act Cap [248].
The Act is to establish the Foreign Investment Promotion Agency (replacing the Vanuatu Investment Promotion Authority – VIPA) which is composed by the Board, the Chief Executive Officer and other staff, to implement the functions and activities provided by the Act.
Read more» January 29, 2020 8:00 am | Posted in Features
The category 5 Cyclone Pam hit Vanuatu in March 2015. This was the biggest cyclone since Uma to have such a destructive effect on the nation.
Over the years since the disaster, we can see the people have recovered and continued with their lives. That is on a personal basis and results to vary between individuals.
Read more» October 14, 2016 3:08 pm | Posted in Features
We took the red pen to the government's tax proposal
The Consultation Paper for the Government’s proposed tax plan fails in many ways.
We showed it to multiple experts with significant experience in—and understanding of—Pacific island economies. We also canvassed local business owners and other stakeholders. Without exception, the plan was rejected. People characterised it as flawed, rushed and—more to the point— downright dangerous to the national economy.
Read more» September 16, 2016 11:46 am | Posted in Features
Nik Soni asks if we’re about to repeat the sins of the past
Two decades ago Vanuatu was in crisis. The Government, the National Provident Fund and the National Bank had run out of money. Around the region there was similar financial turmoil, and in their desperation many countries turned to the international community for help. The solution was to borrow more, introduce new taxes, spend less and sell the nation’s assets.
In a word: ‘austerity’.
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