Cook Is­lands looks at re­vok­ing de­vel­oped coun­try sta­tus: Govt

Fiji Sun - - NEWS -

Avarua: The Cook Is­lands is look­ing to have its de­vel­oped coun­try sta­tus re­voked. The gov­ern­ment says this will help it to ac­cess funds from donor part­ners, as COVID-19 bat­ters the econ­omy.

The Cook Is­lands were deemed a “de­vel­oped” na­tion ear­lier this year, which re­stricts ac­cess to funds from the likes of the World Bank. That sta­tus change was off the back of phe­nom­e­nal growth in tourism, an in­dus­try which is now on its knees. Fi­nance min­is­ter Mark Brown said the gov­ern­ment has been talk­ing with the OECD about the coun­try’s sta­tus.

The cham­ber of com­merce chair­man Fletcher Melvin said it will take some years for the econ­omy to re­cover, and the coun­try needs to look at ev­ery pos­si­ble way to get fund­ing.

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