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Asia and Pacific > Kiribati

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Cover IMF Staff Country Reports
Kiribati: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Asia and Pacific Dept
KEY ISSUES Kiribati’s key economic challenges are to reduce large structural fiscal imbalances and increase growth and employment opportunities, while facing obstacles posed by remoteness, lack of scale, vulnerabilities to external shocks and climate change. The significant fiscal consolidation envisaged by the authorities will help stabilize Kiribati’s sovereign wealth fund (the Revenue Equalization Reserve Fund, or RERF) in real per capita terms. This stabilization effort would also require that fishing license fees remain close to recent exceptionally high levels, with windfall incomes relative to the conservative budgeted baseline saved. In the event of weaker fishing license fee revenues, a more ambitious adjustment in the non-fishing budget would be needed. The small private sector share in the economy due to remoteness and weaknesses in business climate constrains growth and puts strain on public finances. Continuing the fiscal and structural reform program is essential. Climate change brings additional risks and fiscal costs. Main Recommendations: • Continue fiscal reforms designed to deliver fiscal consolidation and improved public financial management. Seek to maintain fishing license fees above the current conservative budget baseline, with windfalls saved to strengthen RERF balances. If fishing license fee windfalls cannot be sustained, explore other options to further strengthen fiscal balances. • Continue reforms of state-owned enterprises (SOEs). • Facilitate growth through improving the business climate and infrastructure, including through streamlining government services.
Keywords:
ISCR; CR; government; debt; GDP; real GDP; Kiribati authorities; PV; reform program; reform state-owned enterprises; economic reform operation; fishing license revenue; PFTAC advisor; Agroindustries; Public and publicly-guaranteed external debt; Global; Australia and New Zealand; Pacific Islands
Cover IMF Working Papers
Are the Asia and Pacific Small States Different from Other Small States?
Ms. Patrizia Tumbarello
,
Ezequiel Cabezon
, and
Mr. Yiqun Wu
The small states of the Asia and Pacific region face unique challenges in raising their growth potential and living standards relative to other small states due to their small populations, geographical isolation and dispersion, narrow export and production bases, exposure to shocks, and heavy reliance on aid. Higher fixed government costs, low access to credit by the private sector, and capacity constraints are also key challenges. The econometric analysis confirms that the Pacific Island Countries (PICs) have underperformed relative to their peers over the last 20 years. Although these countries often face more limited policy tools, policies do matter and can further help build resilience and raise potential growth, as evidenced in the recent business cycle. The Asia and Pacific small states should continue rebuilding buffers and improve the composition of public spending in order to foster inclusive growth. Regional solutions should also continue to be pursued.
Keywords:
WP; IMF staff calculation; micro state; country authorities; real GDP; Asia and Pacific; small states; micro states; Pacific islands; growth; volatility; Asia-Pacific small state government; ECCU country; effective purchasing power; Pacific region; small states-Asia; country information; Income; Terms of trade; Government consumption; Climate change
Cover Economic Development in Seven Pacific Island Countries
Economic Development in Seven Pacific Island Countries
Mr. Douglas A. Scott
and
Mr. Christopher Browne

Abstract

This book, by Christopher Browne with Douglas A. Scott, reviews the economic progress that Fiji, Kiribati, Papua New Guinea, Solomon Islands, Tonga, Vanuatu, and Western Samoa have made since independence. An overview of the region examines development strategies, external economic relations, the role of the private sector, and the evolution of financial structures. Seven country studies describe the main characteristics of each economy, analyze performance over the past decade, and provide detailed statistics suitable for cross-country comparison.

Keywords:
BOOK; current account; government; gross domestic product; balance of payments; Tonga; Tongan authorities; rate of inflation; consumer goods; demand management; Vanuatu authorities; Imports; Exports; Public sector; Current spending; Pacific Islands; Australia and New Zealand; Western Europe