13 Dec 2007

New Caledonia's Congress approves 2008 budget

5:03 pm on 13 December 2007

New Caledonia's Congress has passed a record two-billion US dollar budget for 2008.

The budget marks a nine-percent increase over 2007, taking advantage of the booming nickel industry.

The tax take from the nickel sector had more than doubled in a year and the industry is set to expand in the next few years as major projects have been launched to exploit the resource.

The budget also aims at fostering the development of the mainly Kanak areas.

The 2008 budget also makes provisions for the 2011 Pacific Games, which will require infrastructures investments.