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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 Policy Papers
Implementation Plan in Response to the Board-Endorsed Recommendations from the IEO Evaluation Report on IMF Engagement with Small Developing States
International Monetary Fund
This paper presents a Management Implementation Plan (MIP) with actions to take forward the Board-endorsed recommendations from the Independent Evaluation Office (IEO)’s report on IMF Engagement with Small Developing States (SDS). The actions in the MIP are broad in scope, touching on all modalities of the Fund’s engagement with SDS, and seek to be comprehensive, self-reinforcing, cost-effective, and designed to be adopted as a package. The MIP aims to support a targeted and effective recalibration of engagement with SDS; enhance IMF’s surveillance and capacity development in SDS members; strengthen the Fund’s lending engagement with SDS, in line with the applicable policy frameworks; and secure an effective, well-tailored and more continuous staff presence in SDS.
Keywords:
Capacity development; climate; lending; policy frameworks; training; small developing states; staffing; surveillance; SDS staff guidance note; SDS member; SDS-SGN update; presence in SDS; IMF's transparency policy; Climate change; Budget planning and preparation; Financial sector; Caribbean; Global; Central America
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
Cover IMF Staff Country Reports
Kiribati: 2015 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
KEY ISSUES Context. Donor-financed large infrastructure projects, increased public spending, and a pick-up in credit to households have boosted real GDP growth to close to 4 percent in 2014 and to about 3 percent in 2015. Inflation remains low, underpinned by lower food and commodity prices. Steps are being taken to reduce the many hurdles to private growth that Kiribati faces, among which are high transportation and communication costs and an increasing impact of climate change. Fiscal policy. The fiscal outlook has improved, but further efforts are needed to ensure sustainability. The recurrent balance was in large surplus in 2014 and is expected to remain positive in 2015, reflecting high revenue from license fees, and notwithstanding a large increase in expenditures. But under the historic pace of spending the sovereign wealth fund (Revenue Equalization Reserve Fund—RERF) would be depleted in about 20 years. Ensuring sustainability requires containing nominal expenditure growth to around 1½ per annum over the next five years (after accommodating climate-change-related costs), with transparent and symmetric transfers and withdrawals from the RERF around this path. Structural reforms. There is a consensus among donors that significant progress has been achieved. The State-Owned Enterprise (SOE) Reform Act is being implemented in a satisfactory way, as illustrated by the recent successful privatization of the telecommunication company. Key outstanding issues include further reforming the energy and copra sectors and improving the investment climate.
Keywords:
ISCR; CR; expenditure growth path; development expenditure; debt-to-GDP; real GDP; expenditure path; climate change; fishing license; Agroindustries; Global; Pacific Islands; Australia and New Zealand
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 Policy Papers
Staff Guidance Note on the Fund's Engagement with Small Developing States
International Monetary Fund
This note highlights the unique economic characteristics and constraints facing small developing states. It provides operational guidance on Fund engagement with such countries, including on how small country size might influence the use of Fund facilities and instruments, program design, capacity building activities, and collaboration with other institutions and donors. The guidance note draws on the March 2013 Board papers on small states and the associated Executive Board discussion. The findings of the paper and implications for Fund engagement with small states were presented to small states authorities during the 2013 Annual Meetings, as well as in regional IMF conferences with small states in the Bahamas (September 2013) and Vanuatu (November 2013). Series
Keywords:
PP; exchange rate; monetary policy; insurance coverage; authorities policy; cash balance; government reform; reform effort; small states; private sector; fiscal policy; balance of payments; Natural disasters; Caribbean; Pacific Islands; Global; Asia and Pacific
Cover IMF Staff Country Reports
Kiribati: 2013 Article IV Consultation—Staff Report; Informational Annex, Debt Sustainability Analysis, Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Kiribati
International Monetary Fund. Asia and Pacific Dept
Kiribati is one of the poorest and most remote microstates in the Pacific. It is highly dependent on volatile fishing license fees, remittances, and donor assistance. The challenge is to implement fiscal and structural reforms to help ensure fiscal sustainability, promote private sector development, and increase its resilience to external shocks. Fully using its marine potential beyond fishing license fees will help to improve fiscal revenues and growth opportunities. More generally, private sector development is critical for both increasing growth and reducing fiscal pressures.
Keywords:
ISCR; CR; government; real GDP; debt; RERF balance; RERF assets; Kiribati authorities; staff projection; policy reform matrix; Kiribati's so; Agroindustries; Climate change; Pacific Islands; Australia and New Zealand; Global
Cover IMF Staff Country Reports
Kiribati: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Kiribati; Kiribati authorities; value; earnings; Kiribati housing corporation; Kiribati oil company; seamen transfer; unit value; Income; Budget planning and preparation; Public enterprises; Exports; Reserve assets
Cover IMF Staff Country Reports
Kiribati: Recent Economic Developments
International Monetary Fund
This report describes recent economic developments in Kiribati. Developments over the decade through 1992 were characterized by a fall in real per capita income, as economic development was constrained by a shortage of skilled manpower, weak infrastructure, and remoteness from major international markets. However, inflation was held broadly in line with price increases in major trading partners. The overall external balance was in large surplus, as substantial trade deficits in part reflecting small export earnings were more than offset by service account surpluses and external grant receipts.
Keywords:
ISCR; CR; Kiribati; price; company; Kiribati authorities; export; rate; RERF interest; production base; support price; telecom Kiribati; government corporation; price stabilization scheme; interest stabilization reserve; shipping corporation; equity price; Agroindustries; Exports; Budget planning and preparation; Income; Foreign direct investment; Europe; Global