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Asia and Pacific > Fiji, Republic of

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Cover IMF Staff Country Reports
Solomon Islands: Technical Assistance Report-Central Bank Risk Management
International Monetary Fund. Monetary and Capital Markets Department
At the request of the Central Bank of Solomon Islands (CBSI), a Monetary and Capital Markets Department (MCM) mission provided technical assistance on central bank risk management during the period August–September 2021. The mission comprised Mr. Paul Woods (Central Bank of Ireland) and Mr. Chris Aylmer (formerly with the Reserve Bank of Australia), under supervision of Mr. Ashraf Khan (MCM, Central Bank Operations Division) The purpose of the mission was to guide the CBSI on how to establish an Enterprise Risk Management (ERM) framework. The mission focused in particular on establishing a strengthened risk culture throughout the organization, and strengthening risk governance - including the role of the CBSI’s risk management unit.
Keywords:
CBSI risk governance; CBSI Risk Appetite Statement; sub Risk Management Unit; CBSI risk management framework; CBSI leadership team; Operational risk; Central bank risk management
Cover IMF Working Papers
Exchange Rate Elasticities of International Tourism and the Role of Dominant Currency Pricing
Ding Ding and Mr. Yannick Timmer
We estimate a variety of exchange rate elasticities of international tourism. We show that, in addition to the bilateral exchange rate between the tourism origin and destination countries, the exchange rate vis-à-vis the US dollar is also an important driver of tourism flows and pricing. The effect of US dollar pricing is stronger for tourism destination countries with higher dollar borrowing, indicating a complementarity between dominant currency pricing and financing. Country-specific dominant currencies (CSDCs) play only a minor role for the average country, but are important for tourism-dependent countries and those with a high concentration of tourists. The importance of the dollar exchange rate represents a strong piece of evidence of dominant currency pricing (DCP) in the international trade of services and suggests that the benefits of exchange rate flexibility for tourism-dependent countries may be weaker than previously thought.
Keywords:
International tourism; trade of services; exchange rate elasticity; dominant currency pricing; dominant currency financing; ding ding; currency pricing; Country-specific dominant currencies; exchange rate vis-à-vis; Exchange rates; Currencies; Tourism; Exchange rate adjustments; Depreciation; Caribbean; Global
Cover IMF Staff Country Reports
Republic of Fiji: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Fiji
International Monetary Fund. Asia and Pacific Dept
Fiji has been among the hardest hit by the pandemic—with infection rates at one point among the highest in the world. Despite swift action by the government to close borders, protect the population, and mitigate the worst economic effects, the economic contraction was the worst in Fiji’s history. The crisis has come at a heavy social cost, including large-scale layoffs, surging unemployment, and high non-performing loans. Multilateral and bilateral support has been critical in helping Fiji weather the worst of the crisis and has facilitated a strong government response—including rapid acceleration of the government vaccination program underpinning Fiji’s reopening to international tourism.
Keywords:
government document; Fiji authorities; revenue profile; money market rate; CPI data; COVID-19; Pacific Islands; Australia and New Zealand; Asia and Pacific
Cover IMF Working Papers
Diversion of Tourism Flows in the Asia & Pacific Region: Lessons for COVID-19 Recovery
Vybhavi Balasundharam and Mr. Robin Koepke
The COVID-19 pandemic prompted a collapse in international tourism, severely impacting the tourism-dependent economies in the Asia & Pacific region. Once countries start reopening, tourism diversion effects could accelerate the recovery in countries that establish themselves as more attractive travel destinations than competitors. We investigate the impact of previous shocks in tourism competitor countries on visitor inflows, with a particular focus on tourism-dependent Pacific Island Countries (PICs). We find that PICs were generally resilient to external shocks and benefitted from diversion effects for certain types of shocks. For example, the share of departures from Australia to PICs increased by 12 percent during the SARS outbreak. We then derive policy implications for the post-COVID-19 revival of inbound tourism to PICs and lessons for the future.
Keywords:
tourism diversion effect; tourism recovery; tourism sector; tourism determinant; tourism revenue; tourism development; Tourism; COVID-19; Communicable diseases; Asia and Pacific; Pacific Islands; Global
Cover IMF Working Papers
Tracking Trade from Space: An Application to Pacific Island Countries
Mr. Serkan Arslanalp, Mr. Robin Koepke, and Jasper Verschuur
This paper proposes an easy-to-follow approach to track merchandise trade using vessel data and applies it to Pacific island countries. Pacific islands rely heavily on imports and maritime transport for trade. They are also highly vulnerable to climate change and natural disasters that pose risks to ports and supply chains. Using satellite-based vessel tracking data from the UN Global Platform, we construct daily indicators of port and trade activity for Pacific island countries. The algorithm significantly advances estimation techniques of previous studies, particularly by employing ways to overcome challenges with the estimation of cargo payloads, using detailed information on shipping liner schedules to validate port calls, and applying country-specific information to define port boundaries. The approach can complement and help fill gaps in official data, provide early warning signs of turning points in economic activity, and assist policymakers and international organizations to monitor and provide timely responses to shocks (e.g., COVID-19).
Keywords:
Merchandise trade Data; I. Pacific island; liner shipping connectivity index; Merchandise import; supply disruption; Imports; Natural disasters; COVID-19; Trade balance; Tourism; Pacific Islands; Global; port boundary; port call; vessel data
Cover IMF Working Papers
Managing Fiscal Risks from National Airlines in Pacific Island Countries