The Prime Minister, Hon. Dr. ‘Aisake Eke, has called on multilateral development banks (MDBs) to enhance private sector participation for sustainable growth.
At the recent seminar titled Catalysing Private Sector Development in Asia and the Pacific—What Role for Multilateral Development Banks?, Dr. Eke emphasized the critical role of private investments and job creation in fostering inclusive development in Tonga and similar economies.
“MDBs should focus on promoting private sector development—an important dimension in building resilient, market-based economies,” he stated.
Dr. Eke highlighted the need for MDBs to evolve their roles, suggesting that increasing private sector participation and investment could reduce reliance on official development assistance, thereby fostering thriving private sector assistance.
The seminar, which included prominent figures such as Masato Kanda, President of the Asian Development Bank (ADB), and the Deputy Prime Minister of Mongolia, underscored the importance of unlocking private sector potential as a key to sustainable growth.
This aligns with Tonga’s broader economic strategy, which includes initiatives like the National Financial Inclusion Strategy (NFIS) aimed at enhancing access to digital financial services and promoting inclusive green finance, particularly for small- to medium enterprises.
As Tonga continues to navigate its economic development, the government’s focus remains on creating an environment conducive to private sector growth, with support from international partners and financial institutions.
