The Finance Minister has announced that the Tonga Development Bank's Annual Report for 2023 will be available to Parliament this week. This confirmation was made during a parliamentary session last week, following inquiries from Tongatapu 4 MP Hon. Mateni Tapueluelu regarding the timeline for the report's submission.
The announcement comes amid discussions surrounding the 2022 Annual Report, where representatives expressed concerns about the delayed submission of the 2023 report. With rising public interest in the bank's loans and investments, MPs emphasized the importance of timely information for safeguarding community savings.
During the debate on the 2022 report, three main proposals emerged:
To conduct the debate under the Lord Speaker, though some MPs resisted, citing House Rules.
To review TDB’s annual report in the Whole House Committee, stressing the need for the 2023 report to be submitted soon.
To approve the 2022 report, despite concerns that it does not accurately reflect the current financial status of TDB.
MPs emphasised the necessity for updated information to make informed decisions. Hon. Tapueluelu highlighted the significance of the 2023 report for comparing data and understanding the bank's financial health.
Public scrutiny of TDB’s loans and investments has been prominent across various forums in Tonga. Hon. Piveni Piukala emphasized that without the 2023 report, Parliament lacks the information needed for effective decision-making, stating, “This report is of little use, as it doesn’t truly reflect TDB’s current financial situation.”
While some, like Ha'apai 12 MP Mo’ale Finau, advocated for approving the 2022 report, others, including ‘Eua 11 MP Hon. Taniela Fusimālohi, criticized the government for failing to report on the bank's situation in a timely manner. He asserted that the bank's financial state is critical and requires urgent attention.
In response to these concerns, the Finance Minister confirmed that the 2023 Annual Report will be submitted to Parliament next week. Following this, Hon. Tapueluelu proposed passing the 2022 Annual Report, which received overwhelming support in a vote of 22-1.