Last Wednesday President Edouard Fritch, and the Minister of Finance and the Economy, Yvonnick Raffin, presented the 2021-2023 Recovery Plan for French Polynesia.

The presentation took place at the Presidential Building, in the presence of all the members of the government.

The Covid-19 health crisis is of course testing the resilience capacities of French Polynesia, but it must also be seen as an opportunity to lay the foundations for a more sustainable future, and to initiate new collective trajectories.

It is with this in mind that the 2021-2023 Recovery Plan for French Polynesia was drawn up. It is a continuation of the Safeguard Plan drawn up and implemented from March 2020, and it is leading the way for an ambitious economic transformation plan.

This Recovery Plan is based on three main pillars:

• Supporting the economy and employment, in order to limit the negative effects of the health crisis and thus create favourable conditions for a rapid recovery of activity;
• Building resilience by strengthening growth sectors;
• Strengthen solidarity towards the most vulnerable in order to preserve social balances.

Stimulating an economic recovery mobilizes all the ministries of the Government of French Polynesia. The organization and the steering of the work, under the authority of the President of French Polynesia, will thus allow a methodical deployment of all the action plans designed.

Agile and collaborative, the governance of this Plan will make it possible to closely associate the economic and social partners, as well as civil society. Several meetings in the year will be organized to report on progress and ensure the collective vigilance necessary to restore the territory’s economy.

Regarding financing, a first loan of XPF 28.6 billion guaranteed by the French State was granted by the French Development Agency (AFD), to finance emergency measures and cover the cash requirements of the General Employee Scheme (RGS) managed by the Social Security Fund and initiate recovery measures.

For the year 2021, the recovery plan shows a financing need of XPF 22.4 billion. In 2022 and 2023, the budget cost incurred is evaluated respectively at XPF 19.4 billion and XPF 17.4 billion. These needs will therefore require a new loan guaranteed by the French State from AFD (French Development Agency).

In the link below, you will find details of all the measures taken as part of the recovery plan (in French):

Source : Press release from the Presidency of French Polynesia – March 10, 2021