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Ms. Shari Boyce, Mr. Sergei Dodzin, Mr. Xuefei Bai, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

Abstract

Average growth in the small states in the Asia and Pacific region remained weak (1 percent) in 2013 and underperformed that in other small states—2 percent. However, activity within the Asia-Pacific small states was uneven, with commodity exporters growing at the rate of 3 percent which, while robust, was lower than past rates (Figure 1). Economic performance in the microstates (i.e., countries with a population below 200,000—Kiribati, the Marshall Islands, Micronesia, Palau, Samoa, Tonga, and Tuvalu) lagged behind with growth estimated at less than 1 percent. Inflation has remained broadly in check. These countries remain highly vulnerable to natural disasters as shown by the recent cyclones in Tonga and Vanuatu, and severe floods in Solomon Islands.

Ms. Shari Boyce, Mr. Sergei Dodzin, Mr. Xuefei Bai, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

Abstract

The work on the small states is an important component of the IMF’s global policy agenda. Among the 36 member countries covered by the IMF Asia and Pacific Department (APD), 13 countries are developing small states—most of which are Pacific islands. As part of APD’s ongoing effort to increase its engagement with regional small states and their development partners and enhance information sharing within the IMF, this issue marks the launch of the APD Small States Monitor, a quarterly bulletin featuring the latest economic developments, country notes from the most recent Article IV staff reports, special topics, past and upcoming events, and forthcoming IMF research on small states. In future issues, we will also host contributions from the authorities of small states and their development partners on key policy topics. Our goal is to exchange knowledge and deepen our understanding of the policy challenges these economies face to better tailor our policy advice.

Ms. Shari Boyce, Mr. Sergei Dodzin, Mr. Xuefei Bai, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

Abstract

Context: The Republic of the Marshall Islands (RMI) is going through a period of output fluctuations. The economy expanded in FY2012 by 3.2 percent, supported by export growth, but in FY2013 is estimated to have slowed to 0.8 percent due to the postponement of infrastructure projects. A fiscal deficit of 0.8 percent of GDP was recorded in FY2012 and another deficit of similar magnitude is estimated for FY2013.

Ms. Shari Boyce, Mr. Sergei Dodzin, Mr. Xuefei Bai, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

Abstract

How involved is the IMF in the Pacific?

Aldo W. Zanzi

This paper highlights that the financial activity of the IMF reached a new peak in the first three quarters of 1981 in terms of the number of arrangements with members involving high conditionality on the use of the IMF’s resources, the total amount of resources committed under existing arrangements, and the magnitude of actual purchases. There were 25 stand-by arrangements in effect at the end of September 1981, as well as 16 extended arrangements. The total amount of resources made available to member countries in the first nine months of 1981 was SDR 9.3 billion.

Mr. Bernard J Laurens

Abstract

Central bankers around the world generally agree on the benefits for the economy of using market-based instruments to implement monetary policy. Following a trend initiated in the 1970s in industrial countries, central banks in most developing countries and emerging market economies have attempted to regulate overall liquidity conditions in the economy through financial operations in the domestic money markets. The objective of these central banks has been to influence the underlying demand and supply conditions for central bank money. The move was the parallel in the monetary area of the trend toward enhancing the role of price signals in the economy in general. It aimed at improving domestic savings mobilization and strengthening their market allocation.