VFSC pays VT121M dividend to Government

October 2, 2024 10:33 pm | Posted in Business News | Share now TwitterFacebook

By Amona Kellen.

The Vanuatu Financial Services Commission (VFSC) handed over VT121,839,588 in collected fees to the Vanuatu Government, represented by Minister of Finance Johnny Koanapo, yesterday.

This payment, part of the ongoing collaboration between the VFSC and the government, reflects the success of financial initiatives aimed at boosting the nation’s economy.

The official signing ceremony took place in the VFSC conference room yesterday afternoon, symbolising the second-quarter payment to the government. The Commissioner of the VFSC, Branan Karae, said in the first half of 2024, the VFSC contributed a total of VT214,611,936 in registration fees.

With forecasts estimating close to VT400,000,000 for the entire financial year, this financial influx is crucial for supporting government projects and initiatives. The government remains committed to supporting the VFSC, with plans for future commissions aimed at improving the regulatory framework, particularly in passing key bills that will streamline operations.

Acting Prime Minister and Minister of Finance Koanapo commented on the growth of Vanuatu’s economy amidst various challenges, urging continued collaboration and support from key financial institutions to ensure that government priorities are effectively met.

This milestone not only showcases the VFSC’s dedication to improving financial services but also illustrates the government’s proactive approach to creating a stable economic environment for the people of Vanuatu.