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International Monetary Fund. Asia and Pacific Dept

2020 Article IV Consultation and Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Tonga

International Monetary Fund. Asia and Pacific Dept

This staff report on Tonga’s 2013 Article IV Consultation discusses the economic development and policies. Banks in Tonga have been fixing their balance sheets since late 2008. Shrinking the loan books and increasing holdings of reserve assets have prompted negative macro-financial linkages, and reduced business confidence. In response, the National Reserve Bank of Tonga has aggressively infused liquidity into the system, and stepped up risk-based supervision. Progress in improving the regulatory and institutional infrastructure has also continued, including inauguration of a credit bureau. Major gains have been made in budget transparency, the establishment of a Treasury Single Account system, and better prioritization of the budget.

International Monetary Fund. External Relations Dept.

IMF Deputy Managing Director Eduardo Aninat announced on March 7 that he plans to leave his post in June 2003. In December 1999, he joined the IMF’s four-member management team with broad responsibilities in running the IMF, including chairing its Executive Board meetings.

International Monetary Fund

Tonga’s economy showed recovery from recent shocks on the back of stronger tourism activity and fiscal expansion. In spite of generous grant inflows, Tonga remains at “high risk of debt distress” according to World Bank-IMF debt sustainability analysis. Executive Directors stressed that fiscal consolidation is necessary to ensure fiscal sustainability, and encouraged authorities to set up a comprehensive debt-management strategy to limit the credit and currency risks. Directors welcomed the government’s policy to pursue structural reforms to promote private sector activity and restore fiscal sustainability.

International Monetary Fund

Tonga’s economy showed recovery from recent shocks on the back of stronger tourism activity and fiscal expansion. In spite of generous grant inflows, Tonga remains at “high risk of debt distress” according to World Bank-IMF debt sustainability analysis. Executive Directors stressed that fiscal consolidation is necessary to ensure fiscal sustainability, and encouraged authorities to set up a comprehensive debt-management strategy to limit the credit and currency risks. Directors welcomed the government’s policy to pursue structural reforms to promote private sector activity and restore fiscal sustainability.

International Monetary Fund. Asia and Pacific Dept

This paper discusses recent economic developments, economic outlook, risks, and challenges in Tonga. The Tongan economy has been rebounding since a contraction in FY2013. Growth accelerated from 2.1 percent in FY2014 to 3.7 percent in FY2015, supported by construction, tourism, strong remittances, and strong private credit, notwithstanding weather-related disruptions to agricultural production. The FY2016 real GDP growth is projected to remain relatively strong at 3.1 percent, driven by a recovery in agriculture and an increase in construction activity in preparation for the South Pacific Games. However, a protracted period of slower growth in advanced and emerging market economies, particularly in Australia and New Zealand, could weigh on Tonga via aid, remittances, and tourism channels.

International Monetary Fund

This 2007 Article IV Consultation highlights that Tonga’s real GDP growth is estimated to turn negative in FY06/07, declining by 3½ percent. The economy will continue to be subject to uncertainty and shocks. While economic growth should return to positive, albeit low, levels in the medium term, there are lingering risks on the policy front that could derail efforts to restore stability, in particular those that might arise from pressures to increase public sector hiring. A further drop in remittances and terms of trade shocks could present significant pressures on official reserves.

International Monetary Fund

This 2008 Article IV Consultation highlights that Tonga’s economy has shown resilience in the aftermath of the November 2006 riots and is now on a path to recovery. The key factor underpinning this resilience has been private investment. Donor-supported government reconstruction loans are expected to add further momentum to the recovery. However, the global upswing in fuel and food prices has intensified pressure on inflation and external reserves. Tonga’s external position is expected to weaken, reflecting mainly the impact of rising food and fuel prices.

International Monetary Fund

This report provides the IMF's projections and estimates on Tonga's real and nominal gross domestic product by sector of origin; production of manufactured goods; tourism statistics; central government fiscal operations and revenue; central government current expenditure by economic and functional classifications; monetary survey; Tonga trust fund; banking survey; accounts of the national reserve bank of Tonga; accounts of the Tonga development bank; balance of payments summary; public debt outstanding; interest rate structure during 1996/97–2000/01; public enterprise sector; and so on.