20 Dec 2011

Cooks endeavours to improve credit rating

7:03 pm on 20 December 2011

The Cook Islands financial secretary, Richard Neves, is promising the government will become more open with public finances and improve its sovereign credit rating.

Last week, the credit rating agency Standard & Poor's downgraded the Cook Islands for a perceived lack of positive information that could hold up its credit status.

S&P called on the Cook Islands to provide better government data, develop a stronger fiscal position and ensure more progress in opening up the economy.

Mr Neves says the government is working on these matters, but changes will take longer to implement in the Cooks than in larger economies due to limited resources.

He says the Ministry of Finance and Economic Management has begun internal reforms, which will see more information on government money made public.