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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: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper focuses on a case study on copra subsidy in Kiribati. The copra subsidy, disbursed as a minimum support price, is a major part of the social safety net in Kiribati. The subsidy has multiple purposes—including as a means to transfer resources to the outer islands and to stem migration to the capital. The horizontal diversification model shows that a higher subsidy on copra diverts production and labor towards copra but lowers overall income. The vertical diversification model demonstrates how a subsidy on a primary product increases its supply but reduces production of the final good. Considering the benefits, the government could boost the subsidy’s efficiency, replace the scheme with a poverty-targeted social assistance program, or impose a cap on payments. Development partners, including the IMF and the World Bank, stand ready to provide support in both areas as needed.
Keywords:
COPRA subsidy; Copra support price; price support scheme; impact of subsidy; household income expenditure survey report; cut support price; Price incentives; Agricultural commodities; Income; Exports; Pacific Islands; Global
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: Selected Issues
International Monetary Fund. Asia and Pacific Dept
The Selected Issues paper focuses on climate change in Kiribati. This note summarizes the main ways in which climate change may negatively affect the economy of Kiribati. It then shows how Kiribati may cope with these negative effects by implementing adaptation projects, as well as by contributing to global mitigation efforts. Finally, the note describes some issues related to climate finance and how authorities of Kiribati may direct their efforts in the most productive way to ensure that climate-related projects obtain the proper financial backing and are carried out to fruition in a timely fashion. Leveraging climate finance effectively is critical to ensure Kiribati implements climate projects. Introducing renewable energy is one of the most effective ways to achieve emissions reductions for Kiribati. Besides renewable energy, other non-price-based instruments can be deployed for climate mitigation. Above all, international cooperation is crucial to help Kiribati overcome climate threats. The impact of climate change is far beyond the ability of any countries to cope with it alone, not to mention small atoll islands like Kiribati.
Keywords:
Policy recommendation; fishery management rule; growth Impact; gender equality in Kiribati; Kiribati grid; Climate change; Agroindustries; Gender inequality; Climate finance; Global; Pacific Islands; Australia and New Zealand
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 IMF Survey
IMF Survey, Volume 30, Issue 19
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; IMF's website; Horst Köhler; discussing globalization; FDI; IMF publication service; IMF staff country; IMF survey; IMF executive board reviews data standard; Poverty reduction strategy; Poverty reduction; Foreign direct investment; Exchange rates; Trade barriers; Global; East Asia; Europe; Africa; Central and Eastern Europe
Cover IMF Working Papers
Paradise Lost? Growth, Convergence and Migration in the South Pacific
Norman Loayza
and
Mr. Paul Cashin
This paper examines the determinants of growth for nine South Pacific countries during the period 1971-93, using the analytical framework of the Solow-Swan neoclassical growth model. Chamberlain’s II-matrix estimator is used to account for unobserved country-specific heterogeneity in the growth process, and to control for errors-in-variables bias in calculations of real per-capita GDP. The speed of convergence of South Pacific countries to their respective steady-state levels of per-capita GDP, after controlling for the important regional effects of net international migration, is estimated at a relatively fast 4 percent per year. In addition, private and official transfers emanating from regional donor countries have kept the dispersion of real per-capita national disposable income constant over the period, despite a significant widening in the regional dispersion of real per-capita GDP.
Keywords:
WP; growth rate; per-capita GDP; Island economy; II-matrix estimation procedure; procedure consist; per-capita income; rate of growth; island economies of the South Pacific; time series; Personal income; Migration; National income; Public expenditure review; Disposable income; Australia and New Zealand
Cover Summary Proceedings of the Forty-First Annual Meetings of the Board of Governors, 1986
Summary Proceedings of the Forty-First Annual Meetings of the Board of Governors, 1986
International Monetary Fund. Secretary's Department

Abstract

The speeches made by officials attending the IMF–World Bank Annual Meetings are published in this volume, along with the press communiqués issued by the International Monetary and Financial Committee and the Development Committee at the conclusion of the meetings.

Keywords:
industrial country; world economy; economic system; board of governors; financial support; trade protection; structural adjustment; Exports; Commodity prices; International monetary system; Sub-Saharan Africa; Global; Africa; Europe; Southern Africa