WELLINGTON, May 8 (Xinhua) -- The New Zealand government will allocate an additional 714 million NZ dollars (498 million U.S. dollars) over the next four years, as part of its "Pacific Reset" strategy, to support Pacific islands, a senior official said Tuesday.
Deputy Prime Minister and Minister for Foreign Affairs and Trade Winston Peters announced the move in a pre-budget speech at Parliament.
The additional operating funding aims to expand New Zealand's Official Development Assistance, primarily towards the Pacific region, responding to climate change, and "doing our part through multilateral and humanitarian agencies to respond to global emergencies and issues," Peters said.
"This is a clear demonstration to the international community that New Zealand is serious about addressing global and regional challenges and helping people in need," he said, adding that increased investment will enable New Zealand to deliver on the Pacific Reset.
It will bolster New Zealand's efforts to tackle priority issues like climate change in the region and assist regional partners to make progress towards the UN Sustainable Development Goals; support youth across the region with access to health services, education and training; and promote the sustainable and inclusive growth of Pacific economies, the minister said.
He said that the funding announced will lift New Zealand's Overseas Development Assistance to 0.28 percent of gross national income over the next four years.