Narrow Your Choices

Refine By Type

Refine By Countries

Refine By Topic

Refine By Series

Refine By Language

Refine By Date

—

Refine By IMF Taxonomy

Refine By JEL Taxonomy

Refine by LOC Taxonomy

Refine By THEMA Taxonomy

  • Print
  • Save

Browse

You are looking at 1 - 10 of 116 items for :

Clear All
Cover IMF Staff Country Reports
IMF Executive Board Approves a US$9.95 Million Disbursement to Tonga
International Monetary Fund. Asia and Pacific Dept

2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga

Cover IMF Staff Country Reports
IMF Executive Board Concludes 2020 Article IV Consultation with Tonga
International Monetary Fund. Asia and Pacific Dept

2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga

Keywords:
Tonga authorities; peak tourism season; household debt; import dependence; financial support; COVID-19; Global
Cover IMF Staff Country Reports
Tonga: 2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga
International Monetary Fund. Asia and Pacific Dept
Tonga’s recovery following the devastation of the 2018 Cyclone Gita has been derailed by a double blow from the pandemic and Cyclone Harold. FY2020 GDP growth is estimated to fall to -2½ percent due to domestic containment measures, a sudden stop in tourism, and investment delays. The full brunt of the pandemic will be felt in FY2021 (beginning July) during peak tourism season, when a deeper contraction is expected. A worse outcome was avoided by early actions to close external borders—which has kept Tonga COVID-19-free—and prompt economic support. Beyond FY2021, the recovery is expected to resume in line with the global recovery, but the magnitude and trajectory is uncertain.
Keywords:
budget financing; growth potential; disbursement of SDR; meet fiscal; Executive Board's discussion; COVID-19; Natural disasters; Remittances; Global; Pacific Islands; Asia and Pacific
Cover IMF Staff Country Reports
Statement by Ms. Mahasandana, Executive Director, and Mr. Mochtar, Alternate Executive Director, on Tonga January 25, 2021
International Monetary Fund. Asia and Pacific Dept

2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga

Keywords:
donor support; support measure; liquidity support; Tongan authorities; RCF disbursement; COVID-19; Global; headline inflation; remittance inflow
Cover IMF Staff Country Reports
Tonga: 2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility—Press Release; Staff Report; and Statement by the Executive Director for Tonga
International Monetary Fund. Asia and Pacific Dept

2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga

Keywords:
Tonga authorities; peak tourism season; IMF staff estimate; growth potential; policy reform effort; COVID-19; Natural disasters; Global; export share
Cover IMF Staff Country Reports
Tonga: Staff Report for the 2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility—Debt Sustainability Analysis
International Monetary Fund. Asia and Pacific Dept

2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga

Keywords:
GDP deflator; debt obligation; debt-carrying capacity; output level; debt ratio; Debt sustainability analysis; Debt sustainability; debt repayment; export shock
Cover IMF Staff Country Reports
Tonga: Staff Report for the 2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility — Informational Annex
International Monetary Fund. Asia and Pacific Dept

2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga

Keywords:
aid revenue datum; financial asset; PFTAC mission; price Statistics; IMF's Statistics Department; External sector statistics; Balance of payments statistics; Exchange rate arrangements; Financial statistics
Cover IMF Staff Country Reports
Tonga
Technical Assistance Report-Climate Change Policy Assessment
International Monetary Fund. Fiscal Affairs Dept.

Tonga is one of the world’s most exposed countries to climate change and natural disasters. It suffered the highest loss from natural disasters in the world (as a ratio to GDP) in 2018 and is among the top five over the last decade (Table 1). Climate change will make this worse. Cyclones will become more intense, with more damage from wind and sea surges. Rising sea levels will cause more flooding, coastal erosion and contaminate fresh water. Daily high temperatures will become more extreme, with more severe floods and drought.

Keywords:
ISCR; CR; short term; excise tax; emergency fund; international community; cross-government Emergency Management Committee; private sector; annual budget; investment project; Climate change; Natural disasters; Renewable energy; Budget planning and preparation; Public investment and public-private partnerships (PPP); Global; economic growth; infrastructure assets; climate change adaptation objective; cross-government coordination
Cover IMF Working Papers
A Possible Approach to Fiscal Rules in Small Islands — Incorporating Natural Disasters and Climate Change
Ryota Nakatani
A big challenge for the economic development of small island countries is dealing with external shocks. The Pacific Islands are vulnerable to natural disasters, climate change, commodity price changes, and uncertain donor grants. The question that arises is how should small developing countries formulate a fiscal policy to achieve economic stability and fiscal sustainability when prone to various shocks? We study how natural disasters affect long-term debt dynamics and propose fiscal policy rules that could help insulate the economy from such unexpected shocks. We propose fiscal rules to address these shocks and uncertainties using the example of Papua New Guinea. Our study finds the advantages of expenditure rules, especially a recurrent expenditure rule based on non-resource and non-grant revenue, interdependently determined by government debt and budget balance targets with expected disaster shocks. This paper contributes to the literature and policy dialogue by theoretically analyzing the impact of natural disasters on debt sustainability and proposing fiscal rules against natural disasters and climate changes. Our fiscal policy framework is practically applicable for many developing countries facing increasing frequency and impact of natural disasters and climate change. Our rules-based fiscal framework is crucial for sustainable and countercyclical macroeconomic policies to build resilience against devastating natural hazards.
Keywords:
WP; expenditure rule; stabilization fund; capping expenditure growth; revenue rule; resource revenue; cash-flow constraint; revenue volatility; government activity; appropriation strategy; government deficit bias; C. expenditure rule; budget balance rule; Natural disasters; Fiscal rules; Climate change; Pacific Islands
Cover IMF Working Papers
Fiscal Buffers for Natural Disasters in Pacific Island Countries
Hidetaka Nishizawa, Mr. Scott Roger, and Huan Zhang
Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spending pressures to address post-disaster relief and recovery efforts. This paper estimates the effects of severe natural disasters on fiscal revenues and expenditure in PICs. These are combined with information on the frequency of large disasters to calculate the rate of budgetary savings needed to build appropriate fiscal buffers. Fiscal buffers provide self-insurance against natural disaster shocks and facilitate quick disbursement for recovery and relief efforts, and protection of spending on essential services and infrastructure. The estimates can provide a benchmark for policymakers, and should be adjusted to take into account other sources of financing, as well as budget risks from less severe as well as more frequent disasters.
Keywords:
WP; private sector; real GDP; government expenditure; Natural Disasters; Pacific Islands Countries; Fiscal Cost; Fiscal Buffers; PIC government; contingent government liability; government cash buffer; government financing source; financial support; Fiscal space; Disaster aid; Budget planning and preparation; Pacific Islands