Vanuatu - Economic development



The British independence settlement provided grants of £23.4 million to Vanuatu, including £6.4 million in budgetary aid (with additional grants provided annually), £4 million for technical aid, and £13 million for development projects aimed at promoting national economic self-sufficiency. Projects under the five-year development plan for 1982–86 included harbor development, agricultural training, and road improvements. Aid for other infrastructural development is provided by Australia, New Zealand, the UN, and the EU. Government development projects emphasize local participation and preservation of Vanuatu's cultural heritage. In 1995, Vanuatu received US $45.8 million in aid from international sources. In 2000, Vanuatu was listed on the OECD's list of "uncooperative" tax havens. In 2002, it was one of only seven jurisdictions still on the list of not having take corrective action. In May 2003, however, Vanuatu was the first of the seven to be removed from the blacklist having agreed, after discussions with OECD representatives, to institute the necessary reforms. Vanuatu remains one of the top ten "flags of convenience" registries.

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