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Asia and Pacific > Kiribati

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Cover IMF Staff Country Reports
Kiribati: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kiribati
International Monetary Fund. Asia and Pacific Dept
The 2024 Article IV Consultation with Kiribati discusses that the economy strengthened after the removal of all coronavirus disease 2019 restrictions in the second half of 2022. Kiribati is among the most vulnerable countries to the effects of climate change. Infrastructure gaps compound already challenging constraints imposed by distance and dispersion, limiting the development of the private sector in the state-dominated economy, and cementing its reliance on imports, especially for essential commodities such as food and fuel. IMF team recommended initiating an ambitious fiscal consolidation effort through scaling back recurrent spending and strengthening the fiscal policy framework. It is also imperative to implement structural reforms to raise private sector employment and investment, enhance export competitiveness, close infrastructure and human capital gaps, expand financial access, better utilize natural resources, and strengthen institutions and governance. Additionally, it is required to continue capacity development to produce high-quality statistics in a timely manner to support data-driven policy formulation.
Keywords:
Kiribati authorities; private sector employment; IMF headquarters; Kiribati's economy; money market rate; Debt sustainability analysis; Agroindustries; Government debt management; Global; Australia and New Zealand; Pacific Islands
Cover IMF Staff Country Reports
Kiribati: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
The 2023 Article IV Consultation with Kiribati discusses that the recovery is expected to gain momentum in 2023. Real gross domestic product growth is projected at 2.5 percent in 2023, as economic activities return to a more normal state with the resumption of large infrastructure projects and improved weather conditions. The authorities’ strategy to boost export competitiveness and promote private sector development is encouraging and needs to be further augmented with robust structural reforms. Continued efforts to build statistical capacity will facilitate data-based policymaking. The authorities need to strengthen institutional capacity to produce high-quality national accounts, government finance statistics, and financial sector data in a timely manner to support sound economic management. It is encouraging that the authorities plan to implement the IMF’s Enhanced General Data Dissemination System by publishing economic data on a National Summary Data Page, which will help improve the availability of timely statistics.
Keywords:
Kiribati consumer price index; headline inflation; standard of living; IMF headquarters; CPI update; Government finance statistics; Agroindustries; Global; Australia and New Zealand; Pacific Islands
Cover IMF Staff Country Reports
Kiribati: 2018 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Kiribati
International Monetary Fund. Asia and Pacific Dept
Growth has been strong in recent years and some moderation is expected, with risks skewed to the downside. High fishing revenues improved the fiscal position, but generated pressure to increase spending. There has been progress on fiscal and structural reforms. Yet, public spending needs are large, driven by an infrastructure gap and climate adaptation costs, and the country remains at high risk of debt distress.
Keywords:
ISCR; CR; Kiribati; government; debt; fishing revenue; liability positions vis-à-vis nonresident; government transition; resilience to climate change; private sector growth; government's plan; Agroindustries; Natural disasters; Fiscal accounting and reporting; Global; Pacific Islands; Australia and New Zealand; Asia and Pacific