Cook Islands looks at revoking developed country status: Govt
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.