1. Tonga is rebounding strongly from a major double shock in early 2022. Following the Hunga Tonga-Hunga Ha’apai (HTHH) volcanic eruption-tsunami and the first local COVID-19 outbreak in January-February 2022, intensive reconstruction efforts have been underway, with strong support from the international community, including emergency financing under the IMF’s Rapid Credit Facility (RCF) in July 2022 (50 percent of quota, equivalent to about US$9 million). However, progress on rebuilding has been uneven, with many tourism-related facilities remaining damaged.