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International Monetary Fund
The paper first discusses price trends and the relationship between money growth and inflation. Second, it focuses on the central challenge of improving competitiveness and promoting exports to enhance growth in the economy. Finally, it reviews the microfinance sector. The study also includes the following statistical data: economic and financial indicators, consumer price index, central government revenue and expenditure, monetary survey, structure of interest rates, balance of payments, composition of imports and merchandise exports, nominal and effective exchange rates, and external public debt.
International Monetary Fund
Vanuatu has maintained macroeconomic stability, but real GDP growth slowed despite the receipt of considerable foreign assistance and the implementation of structural reforms under the Comprehensive Reform Program (CRP). A sharp increase in liquidity, a consequent bulge in consumption, and a rise in imports have affected Vanuatu's recent economic performance. Inflation, as measured by the consumer price index for the main urban centers, has remained moderate in recent years. The paper also discusses prices and population, financial sector, and external sector developments of Vanuatu.
International Monetary Fund
This paper reviews economic developments in New Zealand during 1992–95. According to the production measure, growth began to pick up in the middle of 1991, rising to about 3 percent in 1992/93, before jumping to nearly 6 percent in each of 1993/94 and 1994/95. Although export performance remained strong, the net contribution of the external balance turned negative in 1992/93–1994/95, as imports of capital goods surged in line with the expansion of investment. Gross fixed capital formation increased by 23 percent in real terms in 1994/95.
International Monetary Fund
This paper reviews economic developments in Tonga during 1990–95. During 1990/91–1991/92, GDP rose by an average of 3.4 percent, fueled by a fourfold increase in squash exports. In 1992/93, GDP growth quickened to 3.7 percent, largely on the basis of a rebound in construction and a rise in domestically oriented manufacturing production—and despite a sharp fall in squash exports. In 1993/94, growth reached 4.7 percent, as squash exports again increased, construction boomed, and commerce accelerated.
International Monetary Fund. Secretary's Department


The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.