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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

Fishing license fees are a major source of revenue in several Pacific island countries (Kiribati, the Marshall Islands, Micronesia, and Tuvalu). In 2013 the fee earnings ranged from 15 percent of total revenues in the Marshall Islands to 65 percent in Kiribati. Despite the large fishery-derived wealth, PICs still have enormous untapped marine resources and further efforts are under way to properly leverage and manage them. First, the ratio of the income PICs receive by selling fishing rights to foreign companies to the value of the fish catch is very low. Second, an improperly designed access right scheme could lead to the overexploitation of marine resources. This would mean a decline in the fish supply (mainly tuna) and, eventually, a depletion of fish stocks, which would undermine fiscal sustainability. Finally, the intrinsic volatility of revenue from fishing license fees poses a challenge for fiscal policy.2