Cook Islands very keen to lose developed country status quickly

Avarua: The Cook Islands’ deputy prime minister says losing its developed country status needs to happen quickly.

Its status was changed earlier this year by the OECD, a graduation which restricts access to funds from the likes of the World Bank.

That change was off the back of phenomenal growth in tourism, an industry which has disappeared because of COVID-19.

Mark Brown, who is also the Finance Minister, said the OECD’s criteria was based on a country’s income.

“It’s inevitable that our classification will change. We would like to see that process recognised now, rather than waiting to the end of a year period to have the measurements or assessments taken.

“I think it’s quite glaringly obvious that many economies, particularly small island economies that rely on tourism, their economies are going to take a hit.”

Mr Brown said the government was also looking at taking on debt to get through.