News Release
Rt Hon Winston Peters Minister of Foreign Affairs New Zealand Government Wellington, New Zealand October 1, 2007
New Zealand is making a NZ$1 million [US$763,730] contribution to the Tuvalu Trust Fund to mark its 20th anniversary, Foreign Minister Winston Peters announced today.
"Trust funds such as this one are very important to small island states in the Pacific. The fund has provided Tuvalu greater economic sovereignty, by providing a regular source of revenue to support its budget," Mr Peters said.
"New Zealand’s contribution recognises the success and good management of the trust fund, and the Tuvalu government’s recent efforts to address fiscal and budgetary challenges.
"New Zealand played a pivotal role in setting up the fund, and we have made contributions to it over the past two decades; most recently giving $280,000 in 2006/07. Internationally, the fund is seen as highly successful, and a model for heavily aid-dependant...