Front Matter Page
© 1999 International Monetary Fund
August 1999
IMF Staff Country Report No. 99/79
Kiribati: Recent Economic Developments
This Recent Economic Developments report on Kiribati was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of Kiribati or the Executive Board of the IMF.
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Front Matter Page
INTERNATIONAL MONETARY FUND
KIRIBATI
Recent Economic Developments
Prepared by Ray Brooks, Cem Karacadag, and Jaewoo Lee (all APD)
Approved by the Asia and Pacific Department
June 18, 1999
Contents
I. Introduction and Summary
II. Recent Policy Developments
III. Output and Prices
A. Production
B. Prices
IV. Public Finance
A. Revenue
B. Expenditure
C. The 1999 Budget
D. Public Enterprises
V. Financial Sector
VI. External Sector
A. Developments in the Current Account
B. Development in the Capital Account and External Assets
Text Boxes
1. The Government’s Medium-Term Economic Strategy
2. Revenue Equalization Reserve Fund
3. Why Have Most Public Enterprises Performed Poorly?
Tables
1. Current Price Gross Domestic Product by Economic Activity, 1992-98
2. Gross Domestic Product by Economic Activity, 1992-98
3. Contributions to GDP Growth, 1992-98
4. Gross National Product, 1992-98
5. Copra Production by Island, 1992-98
6. Prices Paid to Growers by the Kiribati Copra Cooperative Society, 1992-98
7. Tarawa Retail Price Index, 1992-98
8. Summary of Central Government Operations, 1992-99
9. Central Government Revenue, 1992-2000
10. Central Government Expenditure (Functional Classification), 1992-99
11. Central Government Expenditure (Economic Classification), 1992-99
12. Central Government Salary Structure, 1989-98
13. Employment by Industry and Sector, 1992-97
14. Central Government Budgetary Subsidies to Public Enterprises, 1992-99
15. Financial Performance of Public Enterprises, 1995-98
16. Bank of Kiribati Balance Sheet, 1994-98
17. Bank of Kiribati Interest Rates, 1992-98
18. Assets and Liabilities of the Kiribati Provident Fund, 1992-98
19. Assets and Liabilities of the Development Bank of Kiribati, 1992-98
20. Balance of Payments Summary, 1992-98
21. Composition of Exports, 1992-98
22. Direction of Trade, 1992-98
23. Composition of Imports, 1992-98
24. Services and Income, 1992-98
25. External Grants by Principal Donors, 1995-98
26. External Assets and Liabilities, 1992-98
Figures
1. Output, Prices, and Exchange Rates, 1990-99
2. Central Government Budget, 1990-99
3. External Developments, 1990-99