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Cover Policy Papers
Implementation Plan in Response to the Board-Endorsed Recommendations from the IEO Evaluation Report on IMF Engagement with Small Developing States
International Monetary Fund
This paper presents a Management Implementation Plan (MIP) with actions to take forward the Board-endorsed recommendations from the Independent Evaluation Office (IEO)’s report on IMF Engagement with Small Developing States (SDS). The actions in the MIP are broad in scope, touching on all modalities of the Fund’s engagement with SDS, and seek to be comprehensive, self-reinforcing, cost-effective, and designed to be adopted as a package. The MIP aims to support a targeted and effective recalibration of engagement with SDS; enhance IMF’s surveillance and capacity development in SDS members; strengthen the Fund’s lending engagement with SDS, in line with the applicable policy frameworks; and secure an effective, well-tailored and more continuous staff presence in SDS.
Keywords:
Capacity development; climate; lending; policy frameworks; training; small developing states; staffing; surveillance; SDS staff guidance note; SDS member; SDS-SGN update; presence in SDS; IMF's transparency policy; Climate change; Budget planning and preparation; Financial sector; Caribbean; Global; Central America
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. Asia and Pacific Dept

IMF Country Report No. 23/115

Keywords:
IMF's transparency policy; expenditure rationalization agenda; IMF quota; policy space; TF risk; Tourism; Nonperforming loans
Cover IMF Staff Country Reports
Vanuatu: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vanuatu
International Monetary Fund. Asia and Pacific Dept
Following a successful COVID-19 containment strategy, the border reopened in July 2022, and tourism is returning to Vanuatu. Economic activity is expected to be strong in the near term, with real GDP growing around 3.4 percent in 2023, as tourism and construction activities resume. High imported prices are likely to stoke inflation and push the current account into deficit, while fiscal policy will turn more expansionary. The Economic Citizenship Program (ECP) is facing significant challenges, with important implications for revenue and governance, while Air Vanuatu, the national airline, is facing serious operational and financial difficulties. Key structural vulnerabilities relating to climate change, limited infrastructure development capacity, and weak governance, persist.
Keywords:
staff appraisal; reconstruction effort; fuel shortage; money market rate; baseline projection; liability positions vis-à-vis nonresident; ECP revenue; Natural disasters; External sector statistics; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Pacific Islands; Australia and New Zealand; Asia and Pacific
Cover IMF Staff Country Reports
Vanuatu: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vanuatu
International Monetary Fund. Asia and Pacific Dept

1. Growth returned with the reopening of borders and the resumption of project implementation. Vanuatu managed the pandemic well, despite the significant loss of economic activity from tourism during lockdowns, was aided by success in identifying alternative sources of revenue, remittances, and reprofiling of expenditures.

Keywords:
headline inflation; Vanuatu cyclone Pam School reconstruction Project; basket of currencies; Vanuatu tourism infrastructure Project; Vanuatu Pam road reconstruction Project; Loans; Infrastructure; Inflation; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global
Cover IMF Staff Country Reports
Vanuatu: Staff Report for the 2023 Article IV Consultation—Debt Sustainability Analysis
International Monetary Fund. Asia and Pacific Dept

VANUATU

Keywords:
medium debt carrying capacity; PPG debt; exports threshold; sustainability framework; dynamics equation; Debt sustainability analysis; Public and publicly-guaranteed external debt; Natural disasters; Global
Cover IMF Staff Country Reports
Vanuatu: Staff Report for the 2023 Article IV Consultation—Informational Annex
International Monetary Fund. Asia and Pacific Dept

VANUATU

Keywords:
adjustable peg exchange rate arrangement; control environment; exchange arrangement; dissemination lag; RBV's autonomy; Government finance statistics; Monetary statistics; Financial statistics; Pacific Islands