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Mr. Douglas A. Scott and Mr. Christopher Browne

–81. Table 6. Kiribati: Commercial Bank Balance Sheet, 1979–86 1 (In millions of Australian dollars; end of period) 1979 1980 1981 1982 1983 1984 1985 1986 Net foreign assets 2 7.8 8.3 5.8 4.4 7.9 19.4 28.0 28.5 Domestic credit 0.4 1.0 3.7 4.3 3.6 0.8 1.0 1.7 Public enterprises — 0.4 3.0 3.6 2.9 0.5 0.4 0.3 Air Tungaru — 0.4 2.0 2.7 2.3 — — — Kiribati Shipping Corporation — — 1.0 0.9 0.6 0.4 0.3 0.3 Te

International Monetary Fund

being given to reducing the interest rate. Table 15. Kiribati: Assets and Liabilities of the Kiribati Provident Fund, 1990-94 1/ (In thousands of Australian dollars; end of period) 1990 1991 1992 1993 2/ 1994 2/ Assets 25,298 28,366 31,461 35,892 36,073 Long-term loans 0.0 52 0.0 0.0 0.0 Kiribati Shipping Corporation 0.0 0.0 0.0 0.0 0.0 Air Tungaru 0.0 52 0.0 0.0 0.0 Common stocks 55 55 55 55 55 (Abamakoro Trading) 55 55

International Monetary Fund
This report describes recent economic developments in Kiribati. Developments over the decade through 1992 were characterized by a fall in real per capita income, as economic development was constrained by a shortage of skilled manpower, weak infrastructure, and remoteness from major international markets. However, inflation was held broadly in line with price increases in major trading partners. The overall external balance was in large surplus, as substantial trade deficits in part reflecting small export earnings were more than offset by service account surpluses and external grant receipts.