Abstract
KEY ISSUESKiribati’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.
Fund Relations
(As of March 31, 2014)
Membership Status: joined June 3, 1986; accepted Article VIII.
General Resources Account:
| SDR Million | Percent Quota | ||
|---|---|---|---|
| Quota | 5.60 | 100.00 | |
| Fund holdings of currency | 5.60 | 100.02 | |
| Reserve position in Fund | 0.00 | 0.08 | |
| SDR Million | Percent Quota | ||
|---|---|---|---|
| Quota | 5.60 | 100.00 | |
| Fund holdings of currency | 5.60 | 100.02 | |
| Reserve position in Fund | 0.00 | 0.08 | |
SDR Department:
| SDR Million | Percent Allocation | ||
|---|---|---|---|
| Net cumulative allocation | 5.32 | 100.00 | |
| Holdings | 5.39 | 101.29 | |
| SDR Million | Percent Allocation | ||
|---|---|---|---|
| Net cumulative allocation | 5.32 | 100.00 | |
| Holdings | 5.39 | 101.29 | |
Outstanding purchases and Loans: None.
Financial Arrangements: None.
Projected Obligations to Fund: None.
Implementation of HIPC Initiative: Not Applicable.
Implementation of Multilateral Debt Relief Initiative (MDRI): Not Applicable.
Exchange Rate Arrangement: The Australian dollar circulates as legal tender.
Article IV Consultation:
The 2014 Article IV consultation discussions with Kiribati were held in Tarawa during March 3–15, 2014. Kiribati is on a 12-month consultation cycle.
Technical Assistance (TA), 1995–2011:
STA, LEG, MCM, FAD, and PFTAC have provided TA on statistics, tax administration and policy, budget management, Revenue Equalization Reserve Fund (RERF) and Pension Fund (KPF) management, financial sector reform and supervision, and combating financial crime and financial system abuse.
Resident Representative: The resident representative office in the Pacific Islands was opened in September 2010 in Suva, Fiji. Mr. Yongzheng Yang is the Resident Representative.
Relations with the Pacific Financial Technical Assistance Centre (PFTAC)1
(As of 22 April, 2014)
During the current funding cycle (May 2011 to May 2014), PFTAC assistance to Kiribati has included 28 advisory missions. Kiribati also sent 11 officials to regional seminars and workshops.
Tax Administration and Policy
Kiribati implemented VAT on April 1st 2014 with support From PFTAC and Australian Department of Foreign Affairs (DFAT). Appropriate steps were taken in the lead up to implementation with a strong focus on community outreach and this has ensured that there is a good relationship between the tax administration and business. Notwithstanding this work, it is likely that there will be some initial implementation issues but it is likely that these issues will be resolved within the first quarter of operation. The authorities intend to maintain a high level of community outreach in the first quarter of VAT operation to foster greater understanding and promote compliance.
The Taxation Division implemented its new IT system, the Revenue Management System (RMS), in December 2013. The system is used widely throughout the Pacific and is reliable and robust. Key Business Users attended intensive user acceptance testing in New Zealand and there is now a reasonable understanding of the operating system. However, effective implementation of the system will be a significant risk to the authorities and special care should be taken to ensure that data integrity is a high priority.
DFAT continues to support Kiribati with funding for a tax adviser and a new adviser will commence a two year assignment in May 2014. The authorities have signaled that the adviser will be required to oversee the new VAT and IT systems and also take a lead role in developing and implementing a presumptive tax for small micro business and income tax self assessment. PFTAC will provide ongoing support to the authorities and the adviser.
Public Financial Management (PFM)
An August 2011 mission to Kiribati assisted the Ministry of Finance in prioritizing its PFM reform activities (RBM 1.2), and provided a framework for the current joint AusAid/AsDB long-term TA. Prior to the inception of that TA, two PFTAC/IMF missions worked with the Ministry of Finance officials to modify their chart-of-accounts (RBM 1.4) to capture more information on donor-funded projects, to improve the integration of planning and budgeting (RBM 1.5), and to provide options for better cash and debt management (RBMs 1.3 & 1.6). In addition, PFTAC’s PFM Advisors participated in the August 2012 AsDB/AusAid Technical Assistance inception mission, and a concurrent donor forum. During 2013 several missions were conducted with multiple focuses including training budget analysts (RBM 1.5) in the National Economic Planning Office (NEPO), supporting the Team Leader of the joint Australia/ADB Treasury Reform TA (RBM 1.4), and assisting the authorities to develop an improved debt/cash management policy (RBMs 1.3 & 1.6) with support from IMF’s APD and MCM Divisions. PFTAC PFM Advisors have also participated in interview/CV review teams for both Australian and EU-funded TA.
PFTAC is ready to provide additional technical support on budget preparation, cash/debt management, and other aspects of budget execution. Officials from Kiribati have regularly participated in PFTAC’s regional PFM events, including the November 2011 MTB workshop, the July 2012 PEFA Workshop, the Strategic Development Program Workshops (with Australia DOFD), and the PIFMA Heads meetings.
Financial Sector Regulation and Supervision
In August 2003, the PFTAC advisor and an IMF legal expert visited Kiribati to conduct consultations with industry and government officials on a Financial Institutions Bill that had been drafted in July 2002. Responses to comments raised by the authorities, together with appropriately amended draft legislation, were forwarded to the authorities in December 2003 for action.
To date there has been no further progress on the draft Financial Institutions Bill or the previously drafted Anti-money Laundering Legislation. The PFTAC advisor makes periodic contact with the Ministry of Finance regarding the status of the draft legislation.
Economic and Financial Statistics
GDDS metadata was first published on the IMF website in April 2004 and subsequently updated in March 2013, following assistance by PFTAC. The BOP compiler benefited from training provided in regional courses in 2005 and 2010. PFTAC provided TA on balance of payments in 2008, 2010 and 2012, improving compilation methods and use of source data, as well as providing training, and helping with the transition to BPM6. Starting from 2012, TA on BOP has been provided by the IMF JSA project on external sector statistics.
PFTAC has provided regular TA on national accounts since 2008, assisting the authorities in making significant improvements in methodology and use of source data. Beginning in 2012, PFTAC has increased its TA with the development of an expenditure measure of GDP and with the preparation of statistical procedures for the incorporation of upcoming VAT data. However, progress has been slow due to resource and capacity constraints. The NA compiler benefited from regional courses in 2009, 2012 and 2013. PFTAC also sponsored a one-month attachment for the BOP compiler with Statistics New Zealand in May 2009.
Macroeconomic Analysis
Two missions in 2011 provided assistance in building capacity related to basic forecasting techniques, using the medium-term fiscal framework developed as part of ADB assistance, and assessing sustainable levels of drawdowns from Kiribati’s Reserve Equalization Reserve Fund. A regional financial programming workshop held jointly in 2012 by PFTAC and the Singapore Regional Training Institute provided training in financial programming techniques to two economists of the Ministry of Finance and Economic Development.
Bank-Fund Collaboration
A. World Bank-IMF Collaboration
(As of April 15 2014)
The Fund and the Bank teams maintain close cooperation in various areas and consult frequently. During the current cycle, the Bank staff has joined the IMF missions, including IMF staff visits and the 2014 Article IV mission. The IMF staff and the World Bank staff maintained continuing close dialogue on economic developments and all aspects of the government reform program.
During the current cycle, the teams have produced a Joint DSA. The IMF team provided analysis and advice on the overall macroeconomic and fiscal framework, including fiscal and RERF sustainability. The IMF and World Bank have also been engaged in provision of technical assistance and advice in public financial management and debt management and policy. The Fund also provided technical assistance on pension fund and insurance company management, and on statistical issues, including Government Finance Statistics and Balance of Payments. The Bank has been engaged in various infrastructure projects, including road rehabilitation, airport improvement, solar energy, and adaptation to climate change. Bank staff provided technical assistance on government expenditures, reforms of copra subsidy and import levy fund, liberalization of telecommunication sector, management of RERF assets, and social protection issues. During this cycle the Bank has continued to work closely with the government on the comprehensive program of priority economic reforms, and supported coordination of donor TA around the reform agenda. Reforms identified through this process are now being supported under joint donor budget support, coordinated by the World Bank, with the first tranche disbursed in January 2014.
The IMF and World Bank teams will continue close cooperation going forward, in particular in the context of the government reform program. As agreed earlier, the Fund will continue to lead on macro issues, in particular overall macroeconomic framework, including in the medium-and-longer term, and the Bank on macro-critical structural reform issues.1 The Fund and the Bank staff will also continue to cooperate with regard to follow up TA, including on the RERF management and public financial and debt management.
B. Relations with the World Bank Group2
Kiribati became a member of the World Bank Group in 1986.
On March 1, 2011, the World Bank’s Board of Executive Directors discussed the first Country Assistance Strategy (CAS) for Kiribati, which had previously been covered by a Pacific Islands Regional Engagement Framework. The CAS is structured around the themes of: (i) addressing the existential threat posed by climate change; and, (ii) mitigating the effects of geographic isolation.
The CAS anticipates a significantly expanded program of advisory and financial support for Kiribati. Consistent with Kiribati’s limited repayment capacity highlighted in the DSA, it is anticipated that IDA financing will be provided on 100-percent grant terms. IDA grants and trust fund investments of as much as US$50 million are anticipated over the four year CAS period from FY2011 to FY2014. Such a program of investments is intended to build a foundation for the World Bank to play a more substantive role, in close collaboration with the IMF and other donor partners, in a coordinated economic policy dialogue with the Government of Kiribati.
Key components of proposed World Bank Group engagement include:
➢ Climate change adaptation and building resilience against shocks is at the core of Bank engagement in Kiribati. The Bank, with trust fund financing, has been supporting climate change mitigation since 2003 through the Kiribati Adaptation Program (KAP), with activities including seawall construction, mangrove planting, and water conservation and supply. Beyond climate change adaptation, the Bank is committed to accelerating efforts to address wider issues of vulnerability in Kiribati, including accessing trust fund resources to improve renewable energy generation to reduce reliance on volatile imported diesel, and to support the transport of food to remote outer islands.
➢ Mitigating the effects of geographic isolation. Given Kiribati’s remoteness, the Bank anticipates scaling up support for climate friendly infrastructure investments. A South Tarawa road improvement investment of US$24m in IDA and TF financing—undertaken jointly with the AsDB—was approved by the Board on March 1, 2011, with the Kiribati CAS. The Bank has also mobilized significant grant resources with New Zealand and other partners, to help bring Kiribati airports–a vital link with the outside world–up to international safety standards.
➢ Supporting economic reform and regional integration. An expanded program of investments has provided a foundation for a more substantive engagement by the Bank Group in a coordinated economic policy dialogue in Kiribati. The World Bank has supported Government in developing the Economic Reform Plan and disbursed US$5.2 million of budget support in March, 2014 in support of policy reforms included in this plan. The second operation in the programmatic series of two operations is currently being prepared in close consultation with Government and other donors. The Bank Group is supporting government efforts to open the telecoms market to new private investments. As well as the direct benefits, telecoms reform has elsewhere in the Pacific proven to be especially successful in building public support and momentum for reform more broadly. The Bank and IFC will cooperate closely in supporting other potential SOE transactions, following the successful introduction of private participation in the management of the Otintaai hotel. As well as domestic reform, the Bank Group continues to support efforts by Kiribati and other Pacific Island countries to gain benefits from greater regional integration, including participation in temporary labor migration schemes established by New Zealand and Australia and anticipated analytical and investment support to help countries improve management and returns from pelagic and deep-sea fishery resources.
Relations with the Asian Development Bank1
The Asian Development Bank has approved eight project loans to Kiribati amounting to US$34.7 million, all from Asian Development Fund (ADF) resources since Kiribati joined the AsDB in 1974. In addition, TA amounting to US$18.4 million has been provided for 40 projects. The latest AsDB loan to Kiribati, for South Tarawa Sanitation Improvement Sector project, was approved in October 2011. The AsDB most recently approved an US$0.8 million TA grant for enhancing economic competitiveness through SOE reform in October 2013.
In line with the broad objective of the Kiribati Development Plan, 2012–15, which focused on enhancing economic growth for sustainable development, ADB’s program aims to reduce poverty and promote economic opportunity by improving public financial management and delivering sustainable infrastructure services. As many of the infrastructure services are provided by stateowned enterprises, improving corporate governance arrangements and the commercial focus of these enterprises is a key objective of ADB’s support to the government’s structural reform program. Technical assistance provided through the Economic Management and Public Sector Reform program helped strengthen state owned enterprise governance. ADB’s support has also helped Kiribati move toward a number of Millennium Development Goals. In October 2011, ADB approved a loan for the South Tarawa Sanitation Improvement Sector Project, which aims to improve sanitation and hygiene practices in South Tarawa and increase access to sanitation from 64 percent to 80 percent by 2019. The Road Rehabilitation Project, approved in December 2010, will rehabilitate 32.5 kilometers of main roads and about 8 kilometers of feeder roads. Cofinanced by the Government of Australia, the World Bank and the Pacific Regional Infrastructure Facility, the project will improve socioeconomic conditions for the people of South Tarawa.
Kiribati: Loan, Grant and Technical Assistance Approvals (2007–13)1/
Prepared by the Asian Development Bank Staff.
Kiribati: Loan, Grant and Technical Assistance Approvals (2007–13)1/
| 2007 | 2008 | 2009 | 2010 | 2012 | 2013 | |
|---|---|---|---|---|---|---|
| Loan Approvals | ||||||
| Number | 0 | 0 | 0 | 1 | 1 | 0 |
| Amount (US$m) | 0 | 0 | 0 | 12 | 7.56 | 0 |
| Grant Approvals | ||||||
| Number | 0 | 0 | 0 | 0 | 0 | 0 |
| Amount (US$m) | 0 | 0 | 0 | 0 | 0 | 0 |
| TA Approvals | ||||||
| Number | 0 | 1 | 2 | 2 | 1 | 2 |
| Amount (US$m) | 0 | 0.8 | 0.85 | 0.2 | 0.8 | 1 |
Prepared by the Asian Development Bank Staff.
Kiribati: Loan, Grant and Technical Assistance Approvals (2007–13)1/
| 2007 | 2008 | 2009 | 2010 | 2012 | 2013 | |
|---|---|---|---|---|---|---|
| Loan Approvals | ||||||
| Number | 0 | 0 | 0 | 1 | 1 | 0 |
| Amount (US$m) | 0 | 0 | 0 | 12 | 7.56 | 0 |
| Grant Approvals | ||||||
| Number | 0 | 0 | 0 | 0 | 0 | 0 |
| Amount (US$m) | 0 | 0 | 0 | 0 | 0 | 0 |
| TA Approvals | ||||||
| Number | 0 | 1 | 2 | 2 | 1 | 2 |
| Amount (US$m) | 0 | 0.8 | 0.85 | 0.2 | 0.8 | 1 |
Prepared by the Asian Development Bank Staff.
Statistical Issues
| Assessment of Data Adequacy for Surveillance | |
|---|---|
| (As of April 1, 2014) | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. Balance of Payments data are the most affected area. | |
| National Accounts: With PTFAC assistance GDP estimates have improved. Two TA missions took place in 2013 to improve national account data and produce revised estimates through 2012. However, further capacity building would be needed to continue to improve the quality of GDP estimates. So far, estimates are limited to Gross Domestic Product (GDP) at current and constant 06 prices, using the production approach. Work is ongoing on the expenditure-based GDP estimates. | |
| Price statistics: The monthly retail price index (1996=100) is produced with a short lag (about a month), based on a survey in South Tarawa (a national index is not available). There are no producer, wholesale, or trade price indices. | |
| Government finance statistics: A Government Finance Statistics mission took place in October 2013 to set up the reporting framework for GFS for the budgetary central government and to expand coverage towards other sectors. In addition, the mission aimed to review sources for financial transactions and a financial balance sheet. While a complete review of government units, statutory extra budgetary units, and state-owned enterprises (SOE) was completed, a gap still remains regarding donor-financed project funds. | |
| Monetary statistics: The balance sheets of all the financial institutions (Bank of Kiribati, Development Bank of Kiribati, Kiribati Provident Fund, and Kiribati Insurance Corporation) are available with lags, but the consolidated balance sheet of the financial sector is not available. Data on interest rates are reported with a long lag. | |
| Balance of payments: The quality of the data is improving, there is extensive work ahead. STA conducted two missions since early 2013. The mission revised the BOP estimates up to 2012 and the implementation of IIP under BPM6. As in the case of GDP data, it has been suggested the need for further statistical capacity building. There still remain some shortcomings in non-trade external statistics collection. | |
| DATA STANDARDS AND QUALITY | |
| Kiribati has been a participant in the General Data Dissemination System (GDDS) since 04. | No data ROSC are available. |
| REPORTING TO STA (OPTIONAL) | |
| No data are currently reported to STA for publication in the Government Finance Statistics Yearbook, the Balance of Payments Statistics Yearbook or in the IFS. | |
| Assessment of Data Adequacy for Surveillance | |
|---|---|
| (As of April 1, 2014) | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. Balance of Payments data are the most affected area. | |
| National Accounts: With PTFAC assistance GDP estimates have improved. Two TA missions took place in 2013 to improve national account data and produce revised estimates through 2012. However, further capacity building would be needed to continue to improve the quality of GDP estimates. So far, estimates are limited to Gross Domestic Product (GDP) at current and constant 06 prices, using the production approach. Work is ongoing on the expenditure-based GDP estimates. | |
| Price statistics: The monthly retail price index (1996=100) is produced with a short lag (about a month), based on a survey in South Tarawa (a national index is not available). There are no producer, wholesale, or trade price indices. | |
| Government finance statistics: A Government Finance Statistics mission took place in October 2013 to set up the reporting framework for GFS for the budgetary central government and to expand coverage towards other sectors. In addition, the mission aimed to review sources for financial transactions and a financial balance sheet. While a complete review of government units, statutory extra budgetary units, and state-owned enterprises (SOE) was completed, a gap still remains regarding donor-financed project funds. | |
| Monetary statistics: The balance sheets of all the financial institutions (Bank of Kiribati, Development Bank of Kiribati, Kiribati Provident Fund, and Kiribati Insurance Corporation) are available with lags, but the consolidated balance sheet of the financial sector is not available. Data on interest rates are reported with a long lag. | |
| Balance of payments: The quality of the data is improving, there is extensive work ahead. STA conducted two missions since early 2013. The mission revised the BOP estimates up to 2012 and the implementation of IIP under BPM6. As in the case of GDP data, it has been suggested the need for further statistical capacity building. There still remain some shortcomings in non-trade external statistics collection. | |
| DATA STANDARDS AND QUALITY | |
| Kiribati has been a participant in the General Data Dissemination System (GDDS) since 04. | No data ROSC are available. |
| REPORTING TO STA (OPTIONAL) | |
| No data are currently reported to STA for publication in the Government Finance Statistics Yearbook, the Balance of Payments Statistics Yearbook or in the IFS. | |
Kiribati: Table of Common Indicators Required for Surveillance
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discounts rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Kiribati: Table of Common Indicators Required for Surveillance
| Date of latest observation | Date received | Frequency of Data | Frequency of Reporting/7 | Frequency of publication/7 | |
|---|---|---|---|---|---|
| Exchange Rates | 4/1/14 | 4/1/14 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities /1 | NA | NA | NA | NA | NA |
| Reserve/Base Money | NA | NA | NA | NA | NA |
| Broad Money | NA | NA | NA | NA | NA |
| Central Bank Balance Sheet | NA | NA | NA | NA | NA |
| Consolidated Balance Sheet of the Banking System | NA | NA | NA | NA | NA |
| Interest Rates /2 | 3/31/14 | 4/3/14 | A | A | I |
| Consumer Price Index | 1/14 | 3/15/14 | M | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing/3 - General Government /4 | 12/31/13 | 3/10/14 | A | A | I |
| Stocks of Central Government and Central Government-Guaranteed Debt /5 | 12/31/13 | 3/10/14 | A | A | I |
| External Current Account Balance | 12/31/12 | 3/10/14 | A | A | I |
| Exports and Imports of Goods and Services | 12/31/12 | 3/10/14 | A | A | I |
| GDP/GNP | 12/31/12 | 3/10/14 | A | A | I |
| Gross External Debt | 12/31/13 | 3/10/14 | A | A | I |
| International Investment Position /6 | 12/31/12 | 3/10/14 | A | A | I |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discounts rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
Kiribati: Table of Common Indicators Required for Surveillance
| Date of latest observation | Date received | Frequency of Data | Frequency of Reporting/7 | Frequency of publication/7 | |
|---|---|---|---|---|---|
| Exchange Rates | 4/1/14 | 4/1/14 | D | D | D |
| International Reserve Assets and Reserve Liabilities of the Monetary Authorities /1 | NA | NA | NA | NA | NA |
| Reserve/Base Money | NA | NA | NA | NA | NA |
| Broad Money | NA | NA | NA | NA | NA |
| Central Bank Balance Sheet | NA | NA | NA | NA | NA |
| Consolidated Balance Sheet of the Banking System | NA | NA | NA | NA | NA |
| Interest Rates /2 | 3/31/14 | 4/3/14 | A | A | I |
| Consumer Price Index | 1/14 | 3/15/14 | M | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing/3 - General Government /4 | 12/31/13 | 3/10/14 | A | A | I |
| Stocks of Central Government and Central Government-Guaranteed Debt /5 | 12/31/13 | 3/10/14 | A | A | I |
| External Current Account Balance | 12/31/12 | 3/10/14 | A | A | I |
| Exports and Imports of Goods and Services | 12/31/12 | 3/10/14 | A | A | I |
| GDP/GNP | 12/31/12 | 3/10/14 | A | A | I |
| Gross External Debt | 12/31/13 | 3/10/14 | A | A | I |
| International Investment Position /6 | 12/31/12 | 3/10/14 | A | A | I |
Any reserve assets that are pledged or otherwise encumbered should be specified separately. Also, data should comprise short-term liabilities linked to a foreign currency but settled by other means as well as the notional values of financial derivatives to pay and to receive foreign currency, including those linked to a foreign currency but settled by other means.
Both market-based and officially-determined, including discounts rates, money market rates, rates on treasury bills, notes and bonds.
Foreign, domestic bank, and domestic nonbank financing.
The general government consists of the central government (budgetary funds, extra budgetary funds, and social security funds) and state and local governments.
Including currency and maturity composition.
Includes external gross financial asset and liability positions vis-à-vis nonresidents.
Daily (D); weekly (W); monthly (M); quarterly (Q); annually (A); irregular (I); and not available (NA).
PFTAC in Suva, Fiji is a multi-donor TA institution, financed by IMF, AsDB, AusAID, and NZAID, with the IMF AS Executing Agency. The Centre’s aim is to build skills and institutional capacity for effective economic and financial management that can be sustained at the national level. Member countries are: Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Marshall Islands, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Tokelau, Tonga, Tuvalu, and Vanuatu.
See 2011 Article IV report, Annex III on Bank-Fund collaboration.
Prepared by the World Bank staff.
Prepared by the Asian Development Bank Staff.