According to the Cook Islands News, Dr Maoate was speaking at the Consultative Group Meeting, an aid donor group of 5 nations and 11 agencies, when he made his announcement. He said: 'I am aware that the modest benefits of membership in the IMF in particular bring with them significant commitments for sound and disciplined financial and economic management.'

Dr Maoate added: 'While aware that the advice of the Fund may not always be music to our ears as politicians, the experience we have had in emerging from the darkest days of reform leads us to seek support from the institutions that will help us fulfil our intention to never again put our economy or our people through such trauma.'

As a member of the IMF and the World Bank, explained Dr Maoate, the Cook Islands will have access to the Foreign Investment Advisory Service and the South Pacific Project Facility which will assist the country in seeking aid and investment for the private sector.

Dr Maoate also spoke of the steps the Cook Islands' government has taken to enable the reform of its finances to take place. He said: 'Our improved fiscal discipline is, in part, a result of improved public financial processes and systems. With output-based performance budgeting, and full accrual accounting, we have jumped from the dark ages to some of the most modern and sophisticated systems in the region.'