Abstract
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.
Fund Relations
(As of May 31, 2015)
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 2015 Article IV consultation discussions with Kiribati were held in Tarawa during May 4–14, 2015. Kiribati is on a 12-month consultation cycle.
Technical Assistance (TA), 1995–2015:
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. Tubagus Feridhanusetyawan is the Resident Representative.
Relations with the Pacific Financial Technical Assistance Centre (PFTAC)1
(As of 31 May, 2015)
During the current funding cycle (May 2011 to May 2015), PFTAC assistance to Kiribati has included 35 advisory missions. Kiribati also sent 40 officials to regional seminars and workshops.
Tax Administration and Policy
Kiribati implemented VAT on April 1st 2014 with support from PFTAC and the Australian Department of Foreign Affairs (DFAT). Appropriate steps were taken in the lead up to implementation with a strong focus on community outreach and education. Although these reforms have been a step in the right direction the authorities acknowledge that compliance could be further facilitated through an improved organizational structure, alignment of functions and building internal staff capability. To support this need PFTAC assisted the Kiribati Taxation Division (KTD) in a review of current organizational arrangements that were presented to and approved by the Internal Revenue Board. PFTAC is currently assisting in implementing the new structure and designing new job descriptions for each function. These changes will provide the KTD with a strong foundation to strengthen overall compliance management. The next phase of technical assistance will be geared towards developing a compliance improvement strategy which will be piloted on a few high risk VAT segments.
The implementation of a new IT system (RMS7) funded by Australia’s Department of Foreign Affairs and Trade (DFAT) has played an instrumental role in modernizing operations. The first phase was implemented in December 2013 and included a VAT component aligned to VAT implementation on 1 April 2014. Training on the system was provided with a good level of involvement by staff. Staff attended further training in New Zealand in October 2014 for User Acceptance testing of phase 2 of the project. E-filing will be introduced as part of phase 3 to be implemented during 2015.
DFAT continues to support Kiribati with funding for a resident tax adviser who has played an important role in implementing VAT through on the ground support and training of staff.
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.
A PEFA review is tentatively scheduled for late 2015/early 2016.
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 & DFAT), and the PIFMA Heads meetings.
Financial Sector Regulation and Supervision
The Resident Technical Advisor is engaged with the Registrar of Credit Unions with the implementation of the Credit Union Act, which became in force on January 1 2015. A mission was held in January 2015 aimed at introducing a credit union financial reporting system. A number of workshops were held on this topic and the Registrar’s staff received training on how to properly complete the reports. While the credit unions are being registered with the Ministry, the Registrar is implementing the reporting program. An additional mission is planned in late 2015 to review the progress of the implementation of the Act and the reporting system. It is anticipated that more workshops will be held on the subject of financial reporting and analysis.
It was further recommended that Kiribati consider establishing a Banking Commission who could undertake the oversight of the financial sector. Discussions will be held with the Ministry of Finance on this approach to sector surveillance.
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 balance of payments (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 and government finance statistics (GFS) has been provided by related IMF JSA projects.
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 VAT data. However, progress has been slow due to resource and capacity constraints. The NA compilers benefited from regional courses in 2009, 2012, 2013, and 2014. 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. In 2015 an economist from the Ministry of Finance and Economic Development participated in a PFTAC workshop on incorporating disaster risk into fiscal planning.
Bank-Fund Collaboration
A. World Bank-IMF Collaboration
(As of May 31, 2015)
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 2015 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 tax administration and policy, budget management, Revenue Equalization Reserve Fund (RERF), 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 building resilience against external shocks, 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 third operation currently prepared in close consultation with the Government and donors.
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 (WBG) in 1986. Since then, the WBG has provided strong support to Kiribati, including 15 IDA/ IBRD, Global Environment Fund, and Institutional Development Fund projects in different sectors totaling US $170 million.
On March 1, 2011, the World Bank’s Board of Executive Directors discussed the first Country Assistance Strategy (CAS) for Kiribati. Until then, the country had been covered by a Pacific Islands Regional Engagement Framework. The CAS is structured around two themes: (i) addressing the existential threat posed by climate change; and, (ii) mitigating the effects of geographic isolation.
The CAS heralded an expanded WBG support for Kiribati. Both IDA and IFC are significantly increasing engagement. Consistent with Kiribati’s limited repayment capacity highlighted in the DSA, IDA-financing are being provided on 100 percent grant terms. IFC is playing an important role in strengthening investment climate in countries across the Pacific, and is similarly scaling up technical assistance to Kiribati to strengthen the business environment and to support specific PPP transactions or asset sales as the government moves to rationalize SOEs.
Key components of WBG engagement include:
➢ Building resilience against external shocks. Since 2003, the World Bank has been supporting climate change mitigation through the Kiribati Adaptation Program, with activities such as seawall construction, mangrove planting, and water conservation. Beyond climate change adaptation, the World Bank has been committed to addressing wider issues of vulnerability in Kiribati, including supporting renewable energy generation to reduce reliance on volatile imported diesel, and assisting transport of essential food items to ensure the availability and affordability of food on the outer islands.
➢ Mitigating the effects of geographic isolation. To mitigate Kiribati’s geographical disadvantage, the World Bank has scaled up support for basic infrastructure that connects the people of Kiribati to the outside world. Infrastructure investments integrating climate change adaptation planning has started in parallel with efforts to develop coordinated and more comprehensive multi-donor adaptation interventions. A South Tarawa road improvement investment (US$24 million in IDA and Trust Fund financing) is being undertaken jointly with the Asian Development Bank. The World Bank has also mobilized significant grant resources with New Zealand and other development partners to help bring Kiribati airports up to international safety standards.
➢ Supporting economic reform and regional integration. Through a programmatic budget support operation, the World Bank has supported the Government’s implementation of the Economic Reform Plan—a medium-term strategy to restore the country’s fiscal sustainability adopted in 2011. The first and second operations, with disbursements of US$5.2 million and US$3 million, respectively, have been completed in 2014–15. The third operation is currently being prepared in close consultation with the Government and other donors. As well as domestic reform, the World Bank 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 in Australia and New Zealand, and improving the governance of marine and fishery resources.
Relations With the Asian Development Bank4
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 state-owned 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. ADB also provided its first policy grant of $3m to Kiribati in 2014.
Kiribati: Loan, Grant and Technical Assistance Approvals (2007–13)1/
Prepared by the Asian Development Bank Staff.
Kiribati: Loan, Grant and Technical Assistance Approvals (2007–13)1/
| 2008 | 2009 | 2010 | 2012 | 2013 | 2014 | |
|---|---|---|---|---|---|---|
| Loan Approvals | ||||||
| Number | 0 | 0 | 1 | 1 | 0 | 0 |
| Amount (US$m) | 0 | 0 | 12 | 7.56 | 0 | 0 |
| Grant Approvals | ||||||
| Number | 0 | 0 | 0 | 0 | 0 | 1 |
| Amount (US$m) | 0 | 0 | 0 | 0 | 0 | 3 |
| TA Approvals | ||||||
| Number | 1 | 2 | 2 | 1 | 2 | 0 |
| Amount (US$m) | 0.8 | 0.85 | 0.2 | 0.8 | 1 | 0 |
Prepared by the Asian Development Bank Staff.
Kiribati: Loan, Grant and Technical Assistance Approvals (2007–13)1/
| 2008 | 2009 | 2010 | 2012 | 2013 | 2014 | |
|---|---|---|---|---|---|---|
| Loan Approvals | ||||||
| Number | 0 | 0 | 1 | 1 | 0 | 0 |
| Amount (US$m) | 0 | 0 | 12 | 7.56 | 0 | 0 |
| Grant Approvals | ||||||
| Number | 0 | 0 | 0 | 0 | 0 | 1 |
| Amount (US$m) | 0 | 0 | 0 | 0 | 0 | 3 |
| TA Approvals | ||||||
| Number | 1 | 2 | 2 | 1 | 2 | 0 |
| Amount (US$m) | 0.8 | 0.85 | 0.2 | 0.8 | 1 | 0 |
Prepared by the Asian Development Bank Staff.
Statistical Issues
| Assessment of Data Adequacy for Surveillance | |
| (As of June 5, 2015) | |
| 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. Three TA missions took place in 2014 to improve national account data and produce revised estimates. 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 June 2014 to integrate GFS requirements into the ongoing Chart of Accounts and approaches to extend coverage to include donor-financed projects. The mission also explored possibilities to reclassify existing GFS data for consolidated central government to create a historical time series. 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: Kiribati is part of the Pacific Region module of the JSA project on Improvement of External Sector Statistics (ESS) in the Asia and Pacific region. Three ESS missions were undertaken during 2014. Data are compiled quarterly in the BPM6 format. However, the quality of the data is improving marginally due to capacity constraints, and quality of source data. The shortcomings pertain to adjustments to trade data, recording of investments income, direct investment and foreign aid data. | |
| 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 June 5, 2015) | |
| 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. Three TA missions took place in 2014 to improve national account data and produce revised estimates. 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 June 2014 to integrate GFS requirements into the ongoing Chart of Accounts and approaches to extend coverage to include donor-financed projects. The mission also explored possibilities to reclassify existing GFS data for consolidated central government to create a historical time series. 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: Kiribati is part of the Pacific Region module of the JSA project on Improvement of External Sector Statistics (ESS) in the Asia and Pacific region. Three ESS missions were undertaken during 2014. Data are compiled quarterly in the BPM6 format. However, the quality of the data is improving marginally due to capacity constraints, and quality of source data. The shortcomings pertain to adjustments to trade data, recording of investments income, direct investment and foreign aid data. | |
| 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 | 6/4/2015 | 6/4/2015 | 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 | 3/31/15 | 5/7/15 | A | A | I |
| Consumer Price Index | 3/15 | 4/15 | M | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing/3 - General Government /4 | 2014 | 2/2015 | A | A | I |
| Stocks of Central Government and Central Government-Guaranteed Debt /5 | 2014 | 2/2015 | A | A | I |
| External Current Account Balance | 2012 | 07/2014 | A | A | I |
| Exports and Imports of Goods and Services | 2013 | 2/2015 | A | A | I |
| GDP/GNP | 2013 | 2/2015 | A | A | I |
| Gross External Debt | 2013 | 2/2015 | A | A | I |
| International Investment Position /6 | 2012 | 07/2014 | 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 | 6/4/2015 | 6/4/2015 | 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 | 3/31/15 | 5/7/15 | A | A | I |
| Consumer Price Index | 3/15 | 4/15 | M | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing/3 - General Government /4 | 2014 | 2/2015 | A | A | I |
| Stocks of Central Government and Central Government-Guaranteed Debt /5 | 2014 | 2/2015 | A | A | I |
| External Current Account Balance | 2012 | 07/2014 | A | A | I |
| Exports and Imports of Goods and Services | 2013 | 2/2015 | A | A | I |
| GDP/GNP | 2013 | 2/2015 | A | A | I |
| Gross External Debt | 2013 | 2/2015 | A | A | I |
| International Investment Position /6 | 2012 | 07/2014 | 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.