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Cover IMF Staff Country Reports
Vanuatu: Technical Assistance Report-Feasibility Study on the Introduction of Quarterly National Accounts
International Monetary Fund. Statistics Dept.
The Vanuatu National Statistics Office (VNSO) requested a mission by the IMF’s Pacific Financial Technical Assistance Centre (PFTAC) for conducting a feasibility study on the implementation of a quarterly national accounts (QNA) in Vanuatu. This study outlines the staff, organizational and data requirements for Vanuatu to implement a quarterly national accounts program.
Keywords:
a number of data gap; QNA program; source data VNSO; E. data requirements; VNSO use; data provider
Cover IMF Staff Country Reports
Vanuatu
Technical Assistance Report-Feasibility Study on the Introduction of Quarterly National Accounts
International Monetary Fund. Statistics Dept.

The Vanuatu National Statistics Office (VNSO) requested a mission by the IMF’s Pacific Financial Technical Assistance Centre (PFTAC) for conducting a feasibility study on the implementation of a quarterly national accounts (QNA) in Vanuatu. This study outlines the staff, organizational and data requirements for Vanuatu to implement a quarterly national accounts program.

Keywords:
QNA data; Na data; seasonal adjustment software; higher-frequency data; software technology
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
Cover IMF Staff Country Reports
IMF Executive Board Concludes 2019 Article IV Consultation with Vanuatu
International Monetary Fund. Asia and Pacific Dept

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vanuatu

Keywords:
ISCR; CR; authority; Vanuatu; exchange rate; debt; monetary policy effectiveness; airports authority; government finance; authorities' strategy; Vanuatu's autonomy; Imports; Pacific Islands
Cover IMF Staff Country Reports
Vanuatu: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vanuatu
International Monetary Fund. Asia and Pacific Dept
Four years after Cyclone Pam struck Vanuatu causing extensive damages, reconstruction is near completion with full recovery in sight. The authorities are now focused on implementing their broader development plans that were slowed by the rebuilding process, which will require fiscal discipline and reforms to maintain debt sustainability. The authorities should continue their constructive engagement with development partners for technical assistance, capacity development, and concessional and grant-based funding. In parallel continuing to reform and strengthen the governance of institutions and removing vulnerabilities to corruption will be important.
Keywords:
ISCR; CR; authority; Vanuatu; exchange rate; debt; IMF banking sector diagnostic; monetary policy stance; IMF quota; liability positions vis-à-vis nonresident; Vanuatu authorities; debt management framework; Natural disasters; Loans; Anti-money laundering and combating the financing of terrorism (AML/CFT); Australia and New Zealand; Pacific Islands; Global
Cover IMF Staff Country Reports
Statement by Nigel Ray, Executive Director of Vanuatu, and Anna Park, Advisor to the Executive Director of Vanuatu
International Monetary Fund. Asia and Pacific Dept

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vanuatu

Keywords:
ISCR; CR; authority; Vanuatu; exchange rate; debt; Vanuatu's removal; debt management strategy; Government debt management; Commercial banks
Cover IMF Staff Country Reports
Vanuatu: 2019 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for Vanuatu
International Monetary Fund. Asia and Pacific Dept

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vanuatu

Keywords:
ISCR; CR; authority; Vanuatu; exchange rate; debt; emergency fund; improvement Project; road reconstruction Project; Natural disasters; Tourism; Infrastructure; Anti-money laundering and combating the financing of terrorism (AML/CFT)
Cover IMF Staff Country Reports
Vanuatu: Staff Report for the 2019 Article IV Consultation—Debt Sustainability Analysis
International Monetary Fund. Asia and Pacific Dept

2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vanuatu

Keywords:
ISCR; CR; authority; Vanuatu; exchange rate; debt; sustainability analysis; debt sustainability; dynamics equation; creating flow; debt carrying capacity; Natural disasters; Debt sustainability analysis; Public and publicly-guaranteed external debt; Pacific Islands; debt indicator