Cook Islands launch Development Finance Assessment Report
May 18, 2023
Rarotonga, Cook Islands – Following months of planning and implementation, the Cook Islands Government has now launched its first Development Financing Assessment (DFA) Report, a tool that will assist and support the government in shaping the inception phase of their Integrated National Financing Framework.
The Report was launched in Rarotonga in February 2023 following months of consultations and engagement with the relevant stakeholders on the development financing options and opportunities available for the Cook Islands.
This undertaking is part of the Sustainable Development Goals (SDG) Financing – Component 1 Joint Programme, funded by the Joint SDG Fund, and implemented by the United Nations Development Programme (UNDP), UN Women and the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in collaboration with the Government of the Cook Islands.
“The Cook Islands Government appreciates the support received from UNDP to facilitate and successfully complete the Development Finance Report. The DFA will be another tool which the Cook Islands can use to navigate our recovery effectively and efficiently from the economic impacts of the COVID-19 pandemic. We are appreciative of the effort undertaken by the team and stakeholders who provided valuable insight,” said Financial Secretary, Garth Henderson.
The DFA Report offers an overview of the Cook Islands’ Development Financing Flows, the management and institutional arrangements to utilize available financings to deliver national development goals and priorities, and the SDGs. It also includes a forward-looking analysis that presents a roadmap to inform the establishment of the Integrated National Financing Framework (INFF) for Cook Islands.
Having this Framework in place provides an enabling environment for the Cook Islands to improve the management of its financial flows, and mobilize new, diverse, and innovative financing instruments to accelerate SDGs progress and to support national strategic plans and priorities.
“Aligning the available financing mapped out under the DFA and the national budget allocation to the SDGs and national priorities, will contribute to and stimulate evidence-based financial management that enables Cook Islands to make strategic investments at low transactional costs to advance their national development and priorities, and accelerate the achievement of the SDGs,” said UNDP Resident Representative, Jorn Sorensen.
The DFA Report – Leveraging Finance for Sustainable Development – is the primary pillar towards establishing the INFF for the Cook Islands as agreed to in the Addis Ababa Action Agenda (AAAA), to empower countries to mobilize additional financing to accelerate SDG achievement and national development priorities.
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