Recent economic developments of Tuvalu were discussed. Major construction projects to build a wharf and a power station have been completed, and seafarer employment-Tuvalu's main foreign exchange earning source for the private sector-is weak. The Consolidated Investment Fund (CIF) available for budget financing will be depleted. Freezing wages and reducing travel costs will also be important. Improvements in the banking sector and credit culture will help to support private-sector development. Executive Directors agreed to ensure fiscal sustainability.