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International Monetary Fund. Asia and Pacific Dept

Tuvalu is a fragile micro-state facing tremendous challenges from its remoteness, lack of scale economies, weak institutional capacity, and above all, climate change, which threatens the country's very existence. Thanks to buoyant fishing licensing fees and grants, Tuvalu has accumulated fiscal buffers in recent years, but it is now incurring significant costs rebuilding after the devastating Cyclone Pam in March 2015. Looking ahead, Tuvalu faces substantial long-run costs in improving its infrastructure to mitigate the effects of climate change.

International Monetary Fund. Asia and Pacific Dept
This 2015 Article IV Consultation highlights that Micronesia’s economy is stagnating, as externally funded infrastructure projects are moving slowly. Difficulties in the business climate, in particular those related to land tenure issues, continue to hold back private sector development. Real GDP growth of about 0.1 percent is estimated for the fiscal year 2014. The Micronesian economy is projected to grow at 0.6 percent in the medium term, while risks on the outlook are tilted to the downside. Growth in 2015 is projected to remain subdued at 0.3 percent, while consumer prices are projected to further decline to negative 1.0 percent thanks to the continued pass through of low oil prices.
International Monetary Fund. Asia and Pacific Dept

Tuvalu is one of the smallest and most isolated countries in the world. With a population of some 11,000 people living on 26 square kilometers, Tuvalu is more than 3,000 kilometers away from its nearest major external market (New Zealand). The country faces tremendous challenges stemming from its remoteness, lack of scale economies, weak institutional capacity, and, above all, climate change and rising sea levels, which threaten the country’s very existence. (Appendix III)

International Monetary Fund. Asia and Pacific Dept

The Federated States of Micronesia (FSM) is highly dependent on external aid. Following a recession in FY2006–08, the FSM economy has grown by 2–2½ percent for FY2010 and FY2011. The economy remains dependent on the large public sector, although the fisheries and agriculture sectors have shown signs of growth. Despite some deterioration in current account balance, external balance also has sustained a stable flow of official transfers. However, economic growth is likely to slow in the near term owing to a decline in public sector demand.

International Monetary Fund

This 2009 Article IV Consultation highlights that inflation in Kiribati increased to about 19 percent by end-2008, largely reflecting higher food prices. The current account deficit was broadly unchanged in 2008. Structural reforms are under way, although the pace has been limited by capacity constraints. Executive Directors have welcomed the recent improvement in economic activity. They have also welcomed the planned review and reform of public enterprises as critical to promoting private sector development, and to boosting the growth potential.

International Monetary Fund

This paper discusses key findings of the Second Review Under the Staff Monitored Program (SMP) for Mauritania. Mauritania’s performance since the beginning of 2006 has been fully satisfactory. All quantitative targets and structural benchmarks under the SMP that covered the first six months of 2006 were observed. Sound macroeconomic policies reined in inflation and contributed to the elimination of the parallel foreign exchange market premium. The proposed Poverty Reduction and Growth Facility (PRGF)-supported program will consolidate the progress achieved during the SMP toward macroeconomic stabilization.

Miss Catriona Purfield
The formulation of fiscal policy in Kiribati faces unusual challenges. Kiribati's revenue base is among the most volatile in the world, and it possesses sizeable financial assets. Drawing on lessons from some other countries who experience high volatility in their revenues, this paper proposes a fiscal policy rule for Kiribati which is nested within a medium-term macroeconomic framework that aims to ensure the sustainable use of Kiribati's financial assets while managing the impact of extreme revenue volatility. It also discusses improvements in the institutional fiscal policy framework that could support such a framework.
International Monetary Fund

This Selected Issues and Statistical Appendix paper examines recent economic developments and medium-term outlook for Liberia. This paper focuses on economic developments during 2003 and 2004 and the medium-term challenges of reconstruction. The paper explores the pros and cons of adopting full (de jure) dollarization in Liberia. It reviews the theoretical arguments for and against adopting dollarization and the associated empirical evidence. The choices of monetary and exchange rate regimes made by other post-conflict countries are presented. The paper also assesses whether Liberia, in its current post-conflict situation, could benefit from dollarization.

International Monetary Fund
This paper assesses Cambodia’s Fifth Review Under the Poverty Reduction and Growth Facility (PRGF) and a Request for Waiver of a Performance Criterion. Cambodia’s medium-term reform program supported by the PRGF is aimed at sustaining economic growth with low inflation, reducing poverty, and accelerating development. Performance during the first two years of the PRGF-supported program has generally been positive. Macroeconomic stability has been maintained with economic growth averaging 7 percent and low inflation. The macroeconomic program for 2002 concentrates on a continued reorientation of fiscal policy.