The following monetary policy measures are adopted:
To stimulate economic growth and support macroeconomic recovery while continuing to closely monitor developments in inflation, the Reserve Bank will:
- Maintain the monetary policy rate at 0% (zero interest rate policy).
- Maintain the current weights in the Exchange rate basket.
- Maintain the minimum loans/deposit ratio at 70%.
- Maintain the Statutory Reserve Deposit ratio at 10%.
- Maintain the inflation reference rate at 5%.
- Develop an enabling financial infrastructure to support prudent credit growth (credit registry, bankruptcy laws, land administration).
- Explore other tools to encourage higher credit growth (loan guarantee, interest rate subsidy)
- Collaborate with MOF to foster compatibility of fiscal and monetary policy objectives supporting inclusive and sustainable growth.
- Explore ways to strengthen the monetary policy transmission mechanism.
In addition, to maintain a stable sound, and efficient financial system, conducive to macroeconomic stability and growth the Reserve Bank will:
- Enhance financial sector supervision.
- Maintain clear channels of effective communications with the financial institutions to ensure delivery of essential financial services to the public, especially during pandemic-related lockdown periods.
- Modernise and improve the efficiency of the payments system, through monitoring the rollout of the Domestic Electronic Payment System (DEPS) for increased automation of the settlement/clearing system. This was live in July 2022.
- Continue to implement measures to combat de-risking by global and local banks in order to retain banks’ correspondent bank accounts and foreign exchange dealers’ bank accounts.
The Governor of the Reserve Bank, Sione Ngongo Kioa reported that in May 2022, high inflation rate still remains a global issue triggering further tightening of monetary policies by many central banks. As a result, interest rate hikes have been observed in most of our major trading partner countries.
Without any further lockdowns and a gradual easing of Covid-19 restrictions in May, domestic activities have slowly gained momentum. The agricultural sector showed some recovery from the Hunga Tonga – Hunga Ha’apai (HTHH) disaster earlier in the year, with consistent rises in agricultural export volumes over the past few months. Marine activities, on the other hand, remains minimal. The reconstruction projects from the HTHH disaster funded by the Government, and private construction projects continue to support growth in the industrial sector. The active construction sector will have positive spillover effects to the mining & quarrying sector activities. The indicators of the service sector also demonstrate positive performance over the month. Higher consumption and demand from households and firms, celebrations of the family month, and the resumption of the majority of service businesses support the sectoral growth. Given the gradual reduction in the quarantine period for incoming passengers, and the anticipated reopening of the borders, travel activities are expected to pick up strongly thereby supporting the tourism industry in the near term.
Inflation rose by 1.5% over the month, driven by the prices of fuel, and both imported and domestic food prices. Over the year, headline inflation rose to a new high record of 11.3% driven by both imported and domestic inflation. Import prices rose by 11.9% on the back of higher prices of fuels, food items, construction materials, and liquefied petroleum gas. These movements are supply driven, and are beyond the control of the Reserve Bank. Domestic prices also rose by 10.4% due to higher local food items and electricity prices, reflecting the impact of the HTHH disaster on local food supply and the pass-through of imported fuel prices to domestic energy prices. Core inflation (excluding energy and imported food) was 7.5%, lower than the headline indicating that the elevated inflationary pressure is mostly driven by energy prices. At the same time, core inflation is now higher than the 5.6% in the previous month, implying broadening price pressures across non-oil commodities and domestic food items.
Official foreign reserves declined by $3.6 million in May to $880.4 million, which is equivalent to 12.4 months of import cover. This is well above the Reserve Banks’ minimum threshold of 3 months, and the IMF’s optimal level of 7.3 months of import cover. In the year to May 2022, foreign reserves continued to increase substantially by $190.9 million, attributing to inflows of budget support, relief funds, official grants, capital inflows, and remittances.
The financial system is still sound, supported by strong capital positions, high liquidity, and adequate profitability. Reserve money continued to expand over the month and year by 2.2% and 34.2%, respectively, owing mostly to the increase in the Exchange Settlement Account balance. Broad money declined over the month by 0.2%, however, still expanded over the year by 16.3%. Meanwhile, positive credit growth was recorded in May reflecting higher loans for both businesses and households. Nevertheless, annual credit growth is still negative, falling by 3.4%, while total deposits increased by 17.5%. As a result loans to deposit ratio dipped further to 53.6%, still remaining well below the new minimum threshold of 70%. Non-performing loans slightly improved from 4.8% to 4.7% of total loans over the month, due to household loan upgrades. This is still higher than the 4.0% recorded in May of last year. The weighted average interest rate spread narrowed slightly over the month by 1.46 basis points to 6.16%, reflecting a decrease in the weighted average lending rates which more than offset the decline in the weighted average deposit rates. However, the weighted average interest rate spread widened over the year by 43.24 basis points, underpinned by the continuous drop in the weighted average deposit rates coupled with the increase in weighted average lending rates.
Following a sharp contraction of 2.7% in GDP growth for FY2020/21, the Reserve Bank projects the Tongan economy to contract again in FY2021/22 as a result of the HTHH disaster and the Omicron outbreak. Spillover effects from the war in Ukraine, the China lockdowns, and the supply-demand mismatches will keep inflation elevated until 2023. At the same time, our major trading partner countries continue to fight inflation with contractionary monetary policies, which will flow on to Tonga’s inflation through imports. Foreign reserves are anticipated to remain comfortable with adequate capacity to sustain high probability shocks. The financial system remains stable with excess liquidity, and adequate capital to absorb any shocks to the system.
In light of the projected economic contraction and the current expansionary fiscal policies, the Reserve Bank is maintaining its accommodative monetary policy stance while working in tandem with the fiscal policies to revive the economy and prevent any further contraction in growth. The Reserve Bank is concerned about the rising inflation and it continues to engage in discussions and exploring other measures that can curb inflation without offsetting the fiscal policy initiatives. At the same time, the Reserve Bank stands ready to realign its monetary policy settings should inflation continue to increase unsustainably.
Tu‘utu‘uni ki he Fokotu‘utu‘u Ngāue Fakapa‘anga
Na‘e tali ‘e he Poate ‘a e kau Talēkita ‘o e Pangikē Pule Fakafonua ‘o Tonga´ ‘i he ‘enau fakataha ‘i he ‘aho 30 ‘o Sune 2022, ke kei hoko atu pē ‘a e ngaahi fokotu’utu’u ngāue fakapa‘anga lolotonga´ ‘o ngāue fakataha mo e Pule‘anga´ ke poupou‘i hono fakaakeake ‘a e ‘ekonōmika´ mo e tupu faka’ekonōmika fakalūkufua´. Ko e ngaahi fokotu’utu’u ngāue fakapa‘anga eni ‘oku ngāue’aki´:
Ke faka’ai’ai ‘a e tupu faka’ekonōmika´ mo hono poupou’i ‘a e fakaakeake fakalukufua faka’ekonōmika´, kae kei muimui’i ofi ‘a e ngaahi fakalakalaka felāve’i mo e hikihiki ‘a e totongi koloa´, ‘e fakahoko ‘e he Pangikē Pule´ ‘a e ngaahi fokotu’utu’u ngāue ko´ eni:
- Hoko atu pē ‘a e ‘ikai ha totongi tupu (zero interest rate) ‘i he ngaahi ‘akauni pa‘anga ngāue ‘a e ngaahi pangikee´(Exchange Settlement Account) ‘oku fakahū ‘i he Pangikē Pule´.
- Tu‘uma‘u pē ‘a e ngaahi fa’unga lolotonga ki he fakafetongi pa‘anga muli´.
- Ke ‘oua ‘e toe ma‘ulalo hifo ‘i he peseti ‘e 70 ‘a e lahi e ngaahi nō ‘oku tuku atu ‘e he ngaahi pangikee´ ‘o fakahoa ki he lahi ‘o ‘enau ngaahi fakahū pa‘anga´ (loans/deposit ratio).
- Tu’uma’u ‘i he peseti ‘e 10 ‘a e lahi ‘o e pa‘anga ‘a e ngaahi pangikē fakakomēsiale´, ‘a ia ‘oku tu‘utu‘uni fakalao ke tauhi ‘i he Pangikē Pule´ (Statutory Reserve Deposit).
- Tauhi pē ‘a e tu‘unga ‘oku faka’amu ke ‘i ai ‘a e hikihiki ‘i he totongi koloa´ (inflation reference rate) ‘i he peseti ‘e 5´.
- Hoko atu ‘a e ngāue ke fokotu’u ha fa‘unga fakapa‘anga ‘e tokoni ki he tupu ‘a e ngaahi noo´ ‘i ha founga ’oku malu (fokotu’u ‘o ha kautaha ki hono tānaki e fakamatala nō, lao ki he ngaahi kautaha ‘oku ‘ikai ke lava totongi fakafoki honau ngaahi mo‘ua´, pea fakalelei’i e ngaahi ngāue fakakelekele´).
- Fekumi ki ha ngaahi me’angāue makehe ke faka’ai’ai ‘a e tupu ‘a e ngaahi noo´ (fokotu’u ‘o ha polokalama ke tokoni ki hono malu‘i ‘a e ngaahi noo´, pe ko ha tokoni ki hono holoki ‘a e ngaahi totongi tupu´)
- Fengāue’aki vāofi mo e Potungāue Pa’anga´ koe’uhi´ ke fenāpasi ‘a e ngaahi fokotu’utu’u ngāue ‘a e Pule’anga´ mo e ngaahi taumu’a ngāue ‘a e fokotu’utu’u ngāue fakapa’anga´, ‘o poupou ki hono langa hake ha tupu faka’ekonōmika ‘oku kakato mo tu’uloa.n.Fekumi ki ha ngaahi founga te ne fakamālohi’i ange ‘a hono fakahoko ‘o e ngaahi fokotu’utu’u ngāue fakapa’anga´.
‘Ikai ke ngata ai´, kā ko hono tauhi ‘a e ma’uma’uluta, malu mo e lelei ‘a e tafa’aki fakapa’anga´ ‘o kaunga lelei ki he ma’uma’uluta mo e tupu faka‘ekonōmika fakalukufua´, ‘e ngāue atu ‘a e Pangikē Pule´ ki he ngaahi me’a ko´eni:
- Fakamālohia ‘a e tafa‘aki ‘oku nau tokanga‘i ‘a e ngaahi kautaha fakapa‘anga´.
- Tauhi ‘a e fetu’utaki vāofi mo e ngaahi kautaha fakapa’anga´ ke fakapapau’i ‘oku malava ke fakahoko honau ngaahi fatongia ki he fonua΄, tautefito ki he ngaahi taimi fakataputapui fakalotofonua΄ koe’uhi΄ ko e mafola ‘a e mahaki fakamāmāni lahi΄.
- Ngāue’aki e ngaahi tekinolosia fakaonopooni΄ ke fakalelei’i ‘a hono fakalele e sisitemi totongi pa’anga΄, ‘aki ‘a hono tokanga’i mo siofi hono ngāue‘aki ‘a e Sisitemi Totongi Pa’anga Fakalotofonua΄ (DEPS), ke vave mo nounou ange ‘a e taimi ‘e fakahoko ai ‘a e totongi mo e fakafetongi pa‘anga΄. Na‘e kamata lele ‘a e sisitemi fo’ou ko ‘eni ‘i Siulai 2022.
- Hokohoko atu e ngāue ke fakasi’isi’i hono tāpuni ‘e he ngaahi pangikē muli΄ ‘a e ngaahi ‘akauni ‘a e ngaahi pangikē fakalotofonua΄, pehē ki hono tāpuni ‘e he ngaahi pangikē fakalotofonua΄ mo muli΄ foki ‘a e ‘akauni ‘a e ngaahi kautaha fakafetongi pa’anga muli΄.
Na’e lipooti ‘e he Kōvana ‘o e Pangikē Pule´, Sione Ngongo Kioa, ‘oku kei hoko pē ‘a e hikihiki ‘a e totongi koloa΄ ‘a ia ko e palopalema fakamāmani lahi eni. ‘Oku makatu’unga heni ‘a hono fakamālohi’i (tighten) ange ‘e he ngaahi Pangikē Pule ‘o e ngaahi fonua muli lahi ‘a ‘enau ngaahi fokotu’utu’u ngāue fakapa‘anga´ ke holoki ‘aki e tupu faka’ekonomika ‘a honau ngaahi fonuaˊ kae lava ke holo ai mo e hikihiki ‘a e totongi koloaˊ. Ko hono ola´, ko e hiki lahi ‘a e ngaahi totongi tupu´ ‘i he ngaahi fonua lahi ‘oku tau fefakatau‘aki koloa mo ia´.
‘Oku kamata ‘asi mai ‘a e kake māmālie ‘a e ngaahi ngāue faka‘ekonōmika fakalotofonua´ ‘i Mē, tupu mei he ‘ikai ke toe hoko atu ha fakataputapui fakafonua (national lockdown), pea mo hono holoki atu ‘a e ngaahi fakataputapui felave‘i mo e Koviti-19´. ‘Oku ‘ilonga ‘a e kamata fakaakeake māmālie mai ‘a e sekitoa ngoue´ mei´ he fakatamaki Hunga Tonga – Hunga Ha‘apai´HTHH) ‘i he konga kimu’a ‘o e ta’u´, ‘i he lahi ange ‘o e ngoue ‘oku uta atu ki tu‘apule‘angaˊ ‘i he ngaahi māhina hokohoko mai kimui´ ni. Kaekehe, ‘oku kei si‘isi’i pē ‘a e ngaahi ngāue ‘i he sekitoa toutai´. ‘Oku kei poupoua ai pē ‘a e sekitoa fakatupu koloa´ ‘e he ngaahi polōseki ngāue langa fo’ou mei he fakatamaki HTHH´ ‘a ia ‘oku fakapa‘anga ‘e he Pule‘anga´, pehē ki he ngaahi ngāue langa taautaha´. ‘Oku tokoni foki ‘a e longomo’ui ‘a e sekitoa langa´ ki he tupu ‘a e sekitoa keli‘anga maka´ mo e maka koloa´. Na’e ola lelei foki ‘a e ngaahi ngāue ‘i he sekitoa ngāue´ ‘i he lolotonga ‘o e māhina´. Na’e poupou ki he tupu ‘a e sekitoa´ ‘a e lahi ange ‘a e ngāue‘aki (consumption) mo e fiema‘u koloa ‘a e ngaahi ‘api taautaha´ mo e ngaahi pisinisi´, kātoanga fakamanatu ‘o e māhina ki he ngaahi fāmili´, pea mo e foki ‘a e ngaahi pisinisi tokolahi ‘o hoko atu ‘enau fakahoko fatongiaˊ hili ‘a e ngaahi fakataputapui´. Ko e ngaahi fokotu’utu’u ke holoki ‘a e lōloa ‘o e taimi kolonitini ‘a e kau pasese mei muli´, mo hono teu fakaava ‘a e kau‘āfonua´ ki he fefolau‘aki´, ‘oku ‘amanaki te ne teke mālohi ‘a e ngaahi ngāue fefolau’aki´ ‘o tokoni ki he fakaakeake ‘a e sekitoa takimamata´ ‘i he kaha′u vave mai´.
Na‘e hiki ‘a e totongi koloa´ ‘aki ‘a e peseti ‘e 1.5 ‘i he māhina ko Mē ‘o makatu‘unga mei he totongi ‘o e lolo´, mo e totongi ‘o e me‘akai hū mai mei muli´ mo e fakalotofonua´. ‘I he ta’u´, na‘e hiki ‘a e totongi koloa΄ ki ha tu‘unga ma‘olunga fo‘ou ko e peseti ‘e 11.3 ‘o makatu‘unga mei he hiki ‘a e totongi ‘o e ngaahi koloa hū mai mei muli´ mo e fakalotofonua´ fakatou‘osi. Na’e hiki peseti ‘e 11.9 ‘a e totongi koloa hū mai mei muli´ makatu‘unga ‘i he ma’olunga ange ‘a e ngaahi totongi ‘o e koloa lolo´, koloa me‘akai´, koloa naunau langa´, pea mo e kasa´. Ko e ngaahi hikihiki ko ‘eni ‘oku makatu‘unga ia ‘i he ngaahi uesia ki he fakatupu mo e tufaki koloa fakamāmani lahi´, ‘a ia ‘oku ‘i tu‘a ia ‘i he mafai ‘o e Pangikē Pule΄. Na‘e hiki peseti ‘e 10.4 ‘a e e totongi koloa fakalotofonua΄ ‘o makatu‘unga ‘i he hiki ‘a e totongi ‘o e koloa me‘akai΄ mo e ‘uhila΄ ‘a ia ‘oku hā ai ‘a hono uesia ‘e he fakatamaki HTHH΄ ‘a e me’akai fakalotofonua΄, pea mo e hū hangatonu ‘a e hiki ‘a e totongi ‘o e lolo hū mai΄ ki he ngaahi totongi ‘uhila fakalotofonua΄. Ko e tu’unga ‘o e hikihikihi ‘a e ngaahi totongi koloa tefito´ (core inflation) na‘e peseti pē ‘e 7.5 (‘ikai kau ki ai ‘a e ngaahi totongi koloa lolo΄, ‘uhila΄, mo e kasa΄, mo e totongi ‘o e ngaahi koloa me’akai hū mai mei muli΄), ‘o ma’ulalo ange ia ‘i he hikihiki ‘a e totongi koloa fakalūkufua´.‘Oku mahino mei heni ko e totongi koloa lolo΄ ‘oku fakatefito mei ai ‘a e hikihiki ‘o e totongi koloa fakalukufua΄. ‘I he taimi tatau, ‘oku ma’olunga ange ‘a e totongi koloa tefito´ ‘i hono fakahoa ki he peseti ‘e 5.6 ‘i he māhina kuo‘osi´, ‘o ‘ilonga heni ‘oku faka’au ke toe lahi ange ‘a e ngaahi koloa kehe ange mei he koloa lolo´ mo e me’akai fakalotofonua´ kuo hiki hono totongi´.
Na’e holo ‘a e pa‘anga talifaki ‘i muli ‘a e fonua´ (foreign reserves) ‘i Mē ‘aki ‘a e $3.6 miliona ki he $880.4 miliona, ‘o fe’unga ia mo e māhina ‘e 12.4 ‘o e ngaahi koloa mo e ngāue hū mai´. ‘Oku kei ma’olunga pē eni ‘i he tu‘unga fe‘unga ‘oku siofi ‘e he Pangikē Pule´ ko e māhina ‘e 3 ‘o e koloa mo e ngāue hū mai´, pea mo e tu’unga fe’unga ‘oku fakafuofua’i ‘e he Kautaha Pa‘anga Fakavaha‘apule‘anga΄ (IMF), ko e māhina ‘e 7.3. ‘I he ta‘u´ ki Mē 2022´, na‘e kei kake lahi pē ‘a e tu‘unga ‘o e pa‘anga talifaki ‘i muli´ ‘aki ‘a e $190.9 miliona, makatu‘unga mei he lahi ange ‘a e ngaahi tokoni fakapa’anga ki he patiseti ‘a e Pule’anga´, ngaahi tokoni fakapa’anga ki he ngaahi fakatamaki´, ngaahi polōseki ‘a e Pule’anga΄, ngaahi pa’anga nō mei muli, pea mo e ngaahi talafi pa’anga taautaha´.
‘Oku kei malu pē ‘a e tafa’aki fakapa’anga´, ‘o poupou ki ai ‘a e ma’olunga e pa‘anga tefito (capital) mo e pa’anga ngāue (liquidity) ‘a e ngaahi pangikee´, pea kei ma’u pē mo e tupu fakapa‘anga (profitability) fe‘unga. Na‘e kake ‘a e pa‘anga ngāue ‘a e ngaahi pangikee´ ‘i he māhina´ mo e ta‘u´ fakatou‘osi ‘aki ‘a e peseti ‘e 2.2 mo e peseti ‘e 34.2 ‘o fakatefito ‘i he lahi ange ‘a e palanisi ‘o e ‘akauni ngāue ‘a e ngaahi pangikē fakakomēsiale´ ‘i he Pangikē Pule´. Na‘e holo ‘a e pa‘anga fakalūkufua ‘a e fonua´ (broad money) ‘aki ‘a e peseti ‘e 0.2 ‘i he māhina´ kā na’e kei kake peseti ‘e 16.3 ‘i he ta‘u´. ‘I he taimi tatau, na‘e lahi ange ‘a e ngaahi nō ne tuku atu ‘i Mē ‘o makatu‘unga mei he lahi ange ‘a e nō taautaha´ mo e nō pisinisi΄. Kaekehe, na’e kei holo pē ‘a e lahi ‘o e nō ne tuku atu ‘i he ta‘u´ ‘aki ‘a e peseti ‘e 3.4, kae tupu peseti ‘e 17.5 ‘a e fakahū pa‘anga΄. ‘I he’ene pehee΄, na‘e holo ‘a e lahi ‘o e ngaahi nō ne tuku atu´ ‘i hono fakahoa ki he lahi ‘o e fakahū pa‘anga´ (loans/deposit ratio) ki he peseti ‘e 53.6, ‘o kei ma‘ulalo pē eni ‘i he tu’unga ma’ulalo taha ‘oku tu’utu’uni’i´ ‘a ia ko e peseti ‘e 70. Na’e holo si’i ‘a e ngaahi nō palopalema´ ki he peseti ‘e 4.7 mei he peseti ‘e 4.8 ‘o e fakalukufua ‘o e ngaahi noo΄, makatu‘unga ‘i hono to’o atu ‘a e ngaahi no taautaha ‘e ni‘ihi mei he nō palopalema΄. Ka neongo ia, ‘oku kei ma’olunga pē ‘eni ‘i he peseti ‘e 4.0 ‘i Mē ‘o e ta’u kuo’osi´. Na‘e holo e ‘avalisi ‘o e hulu ‘i he totongi tupu ‘i he nō mo e fakahū pa‘anga´ (weighted average interest rate spread) ‘i he māhina´ ‘aki ‘a e poini peseti ‘e 1.46 ki he peseti ‘e 6.16, koe‘uhi´ ko e lahi ange ‘a e holo e ‘avalisi ‘a e totongi tupu ‘i he ngaahi nō ‘o fakahoa ki holo ‘a e ‘avalisi ‘a e totongi tupu ‘i he fakahū pa‘anga´. Kaekehe, ne hiki ‘a e ‘avalisi ‘o e hulu ‘i he totongi tupu ‘i he nō mo e fakahū pa‘anga´ ‘i he ta‘u´ ‘aki ‘a e poini peseti ‘e 43.24 ‘o makatu‘unga ‘i he holo hokohoko ‘a e ‘avalisi ‘o e totongi tupu ‘i he fakahū pa‘anga´, fakataha mo e kake ‘a e ‘avalisi ‘o e totongi tupu ‘i he ngaahi noo΄.
Hili ‘a e holo peseti ‘e 2.7 ‘a e tupu faka‘ekonōmika ‘a e fonua΄ ‘i he ta’u fakapa’anga 2020-21´, ‘oku fakafuofua ‘e he Pangikē Pule΄ ‘e toe holo pē mo e ta’u fakapa’anga 2021-22΄ koe’uhi ko e ngaahi uesia mei he fakatamaki HTHH mo e mafola ‘a e ‘Omikoloni΄. ‘Oku ‘amanaki ‘e hokohoko atu pē ‘a e ‘i he tu’unga ma’olunga ‘a e hikihiki ‘o e totongi koloa΄ ‘o a’u ki he 2023 koe‘uhi΄ ko e ngaahi uesia mei he tau ‘i ‘Iukuleini´, tātāpuni fakafonua ‘a Siaina´, pea mo e fetō‘aki ‘a e lahi ‘o e fiema‘u koloa´ ‘o fakahoa ki he fakatupu koloa´. ‘I he taimi tatau, ‘oku kei hokoatu pē ‘a e ngāue ‘a hotau ngaahi hoa fefakatau’aki lalahi΄ ki hono tau’i e hikihiki ‘a e totongi koloa΄ ‘aki ‘enau ngaahi fokotu’utu’u ngāue fakapa’anga΄, ‘a ia ‘e hū mai ia ki he totongi koloa fakalukufua ‘a Tonga΄ ni ‘i he ngaahi koloa hū mai΄. ‘Oku fakafuofua ‘e ‘i he tu’unga fakafiemālie pē ‘a e pa’anga talifaki ‘i muli ‘a e fonua΄ pea ‘i he tu‘unga fe‘unga ke lava ‘o matu‘uaki ha fakatamaki fakafokifā ‘e hoko. ‘Oku toe fakafuofua foki ‘e malu pē ‘a e tafa’aki fakapa‘anga΄ pea fe‘unga pē mo e ngaahi pa‘anga tefito ‘a e ngaahi pangikee´ ke matu’uaki ha fakatamaki ‘e ala hoko ki he tafa’aki fakapa’anga΄.
Makatu‘unga ‘i he fakafuofua ‘e holo ‘a e tupu faka‘ekonōmika΄ pea mo e ngaahi fokotu’utu’u ngāue fakaakeake ‘a e Pule‘anga΄, ‘oku tauhi pē ‘e he Pangikē Pule΄ ‘ene fokotu’utu’u ngāue fakapa’anga lolotonga΄, kae fengāue‘aki vāofi mo e ngaahi fokotu‘utu‘u ngāue ‘a e Pule‘anga´ ki hono fakaakeake ‘a e tupu faka‘ekonōmika΄ mo ta’ota’ofi ha toe ngaahi uesia tamaki ‘e ala hoko. ‘Oku tokanga ‘a e Pangikē Pule´ ki he hikihiki ‘a e totongi koloa´ pea ‘oku hoko atu pē ‘a e fekumi mo e talatalanoa ki ha ngaahi founga te ne malava ke ta‘ota‘ofi ‘ ‘a e hiki ‘a e totongi koloa fakalukufua΄ pea ‘ikai ke ne fakafepaki’i ‘a e taumu’a ngāue ‘a e Pule’anga´ ki hono fakaakeake ‘a e ‘ekonōmika´. ‘I he taimi tatau, ‘oku tu‘u mateuteu ‘a e Pangikē Pule´ ke liliu ‘ene fokototu’utu’u ngāue fakapa‘anga´ ‘o kapau ‘e ‘ikai kei lava mapule’i ‘a e hikihiki ‘a e totongi koloa´.
