Abstract
Kiribati is a small and fragile state vulnerable to climate change. Record high fishing revenue in recent years has boosted growth, improved the current account, and strengthened the balance of the sovereign wealth fund, the primary vehicle for intergenerational saving. However, fishing revenue has declined in the early months of 2016 and is projected to remain at more modest levels over the medium term. Building fiscal buffers to enhance resilience and continued support from development partners are essential to mitigate downside risks to growth.
Fund Relations
(As of July 31, 2016)
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 |
| 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 Department: | SDR Million | Percent Allocation |
|---|---|---|
| Net cumulative allocation | 5.32 | 100.00 |
| Holdings | 5.39 | 101.29 |
| SDR Department: | 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 last Article IV consultation was concluded by the Executive Board on June 29, 2015; the relevant document is IMF Country Report No. 15/207. The 2016 Article IV consultation discussions with Kiribati were held in Tarawa during May 9–18, 2016. Kiribati is on a 12-month consultation cycle.
Technical Assistance (TA), 1995–2016: 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, 2016)
During the current funding cycle (May 2011 to May 2016), PFTAC assistance to Kiribati has included 39 advisory missions. Kiribati also sent 47 officials to regional seminars and workshops.
Tax Administration and Policy
There is generally a strong commitment to reforming tax administration in Kiribati with many of PFTAC’s recommendations having either been completed or currently being acted upon. Significant achievements include the design and implementation of a new function-based structure which includes a bigger focus on taxpayer services, new position descriptions and a plan to improve core tax functions. The Kiribati Tax Department maintains that these changes are already positively impacting on operations and an increase in revenue collections.
Although VAT, introduced in April 1, 2014, is performing well and exceeded budget projections in 2015, compliance remains an issue with a high percentage of outstanding returns and increasing debt levels. PFTAC technical assistance to mitigate these risks has been provided and is currently being acted upon by the authorities. Additional PFTAC technical assistance in FY2017 will be provided to develop a Compliance Improvement Strategy and increase audit capability.
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/AusDFAT 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), recommending a new organizational structure for 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 early 2017.
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 Workshops.
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 for 2017 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 which 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. From 2012 to 2015, TA was provided on BOP and government finance statistics (GFS was 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; the last mission was in late 2015. 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 AsDB assistance, and assessing sustainable levels of draw-downs 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 PFTAC supported authorities during the IMF Article IV consultation and discussed TA and training going forward in particular following the departure in 2016 of a DFAT funded resident advisor, who is heading the National Economic Planning Office. Economists from the Ministry of Finance and Economic Development participated in workshops on incorporating disaster risk into fiscal planning, forecasting tax revenues and medium-term planning for sustainable development in 2015 and 2016.
Bank-Fund Collaboration2
A. World Bank-IMF Collaboration
(As of May 31, 2016)
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 and 2016 Article IV missions. 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, 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, liberalization of telecommunication sector, and management of the RERF. 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. 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 Group
Kiribati became a member of the World Bank Group (WBG) in 1986. Since then, the WBG has provided strong support to Kiribati, including 13 IDA/ IBRD, Global Environment Fund, and Institutional Development Fund projects in different sectors totaling US $114 million.
The World Bank is currently preparing a Regional Partnership Framework for 9 Pacific Islands, including Kiribati. The new Framework will focus around three broad themes: (i) fully exploiting the limited set of economic opportunities available to the PIC9, (ii) enhancing access to public services and employment opportunities; and, (iii) protecting incomes and livelihoods.
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:
Supporting better fiscal and natural resource management. Through a programmatic budget support operation, the World Bank has supported the Government’s implementation of a medium-term strategy to restore the country’s fiscal sustainability. The first and second operations have been completed in 2014-15. The third and fourth operations are currently being prepared in close consultation with the Government and other donors. The operations will support two main policy priorities—first, fiscal sustainability by encouraging greater transparency in managing fisheries revenue and the RERF, and second, private sector led growth by improving the quality and expanding the coverage of essential public services (electricity, water, sewage, and telecommunications).
Improving connective infrastructure. 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$26 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.
Building climate resilience. 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.
Relations With the Asian Development Bank3
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$37.3 million has been provided for 46 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 state-owned enterprise (SOE) reform in October 2013.
In line with the broad objective of the Kiribati Development Plan 2016-19, which focuses on a better educated, healthier, more prosperous nation with a higher quality of life, ADB’s engagement aims to strengthen governance, improve infrastructure, maintain a stable macroeconomic framework, improve access to basic services, strengthen climate change adaptation and reduce poverty. As many infrastructure services are provided by SOEs, 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 to improve economic management and public sector reform has helped improve SOE performance. In October 2011, ADB approved a loan for the South Tarawa Sanitation Improvement Sector Project that has improved sanitation and hygiene practices in South Tarawa and will increase access to sanitation from 64 percent to 80 percent by 2019. Additional financing of $610,000 was approved in 2014. The Road Rehabilitation Project, approved in December 2010, has rehabilitated 32.5 kilometers of main roads and about 8 kilometers of feeder roads on South Tarawa. Additional financing of $8.4 million in 2015 and 2016 will help complete the rehabilitation and allow the upgrade of the road network on Betio, the largest township on South Tarawa and the site of the country’s main port. 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 $3m to Kiribati in 2014, which focused on helping Kiribati increase fiscal sustainability by improving public expenditure quality, revenue performance, management of public assets and liabilities, and the business environment.
ADB’s strategic engagement in Kiribati in the medium term will continue to focus on major transformative infrastructure investments with the scope to mobilize significant co-financing, and given the improvement in Kiribati’s fiscal situation, limited policy financing to further build buffers and demonstrate confidence in the government’s reform agenda.
Kiribati: Loan, Grant and Technical Assistance Approvals (2009–16)1/
Prepared by the Asian Development Bank Staff.
Kiribati: Loan, Grant and Technical Assistance Approvals (2009–16)1/
| 2009 | 2010 | 2012 | 2013 | 2014 | 2015 | 2016 | |
|---|---|---|---|---|---|---|---|
| Loan Approvals | |||||||
| Number | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Amount (US$m) | 0 | 12 | 7.56 | 0 | 0 | 0 | 0 |
| Grant Approvals | |||||||
| Number | 0 | 0 | 0 | 0 | 2 | 1 | 1 |
| Amount (US$m) | 0 | 0 | 0 | 0 | 3.6 | 2.4 | 6 |
| TA Approvals | |||||||
| Number | 2 | 2 | 1 | 2 | 1 | 0 | 0 |
| Amount (US$m) | 0.8 | 0.85 | 0.2 | 0.8 | 1 | 0.22 | 0 |
Prepared by the Asian Development Bank Staff.
Kiribati: Loan, Grant and Technical Assistance Approvals (2009–16)1/
| 2009 | 2010 | 2012 | 2013 | 2014 | 2015 | 2016 | |
|---|---|---|---|---|---|---|---|
| Loan Approvals | |||||||
| Number | 0 | 1 | 1 | 0 | 0 | 0 | 0 |
| Amount (US$m) | 0 | 12 | 7.56 | 0 | 0 | 0 | 0 |
| Grant Approvals | |||||||
| Number | 0 | 0 | 0 | 0 | 2 | 1 | 1 |
| Amount (US$m) | 0 | 0 | 0 | 0 | 3.6 | 2.4 | 6 |
| TA Approvals | |||||||
| Number | 2 | 2 | 1 | 2 | 1 | 0 | 0 |
| Amount (US$m) | 0.8 | 0.85 | 0.2 | 0.8 | 1 | 0.22 | 0 |
Prepared by the Asian Development Bank Staff.
Statistical Issues
| Assessment of Data Adequacy for Surveillance | |
| (As of July 11, 2016) | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. Balance of Payments and to some extent Government Finance Statistics could be further improved. | |
| National Accounts: With PTFAC assistance, GDP estimates have improved. There was one TA mission in 2015 to improve the national data accounting system, with updates and revisions to GDP data for 2012–14. However, further capacity building would be needed to continue to improve the quality of GDP estimates, particularly expenditure-based GDP estimates. Presently, only current and constant 2006 prices GDP data is compiled using the Value-Added approach. | |
| Price statistics: The monthly retail price index (2006=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. A PEFA review is tentatively scheduled for early 2017. | |
| 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 only 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 July 11, 2016) | |
| General: Data provision has some shortcomings, but is broadly adequate for surveillance. Balance of Payments and to some extent Government Finance Statistics could be further improved. | |
| National Accounts: With PTFAC assistance, GDP estimates have improved. There was one TA mission in 2015 to improve the national data accounting system, with updates and revisions to GDP data for 2012–14. However, further capacity building would be needed to continue to improve the quality of GDP estimates, particularly expenditure-based GDP estimates. Presently, only current and constant 2006 prices GDP data is compiled using the Value-Added approach. | |
| Price statistics: The monthly retail price index (2006=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. A PEFA review is tentatively scheduled for early 2017. | |
| 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 only 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 | 6/4/2016 | 6/4/2016 | 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 | 3/31/16 | 5/7/16 | A | A | I |
| Consumer Price Index | 3/2016 | 4/2016 | M | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing/3 - General Government /4 | 11/2015 | 2/2016 | A | A | I |
| Stocks of Central Government and Central Government-Guaranteed Debt /5 | 2016 | 5/2016 | A | A | I |
| External Current Account Balance | 2014 | 5/2016 | A | A | I |
| Exports and Imports of Goods and Services | 2014 | 5/2016 | A | A | I |
| GDP/GNP | 2014 | 11/2015 | A | A | I |
| Gross External Debt | 2016 | 5/2016 | A | A | I |
| International Investment Position /6 | 2015 | 5/2016 | 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 | 6/4/2016 | 6/4/2016 | 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 | 3/31/16 | 5/7/16 | A | A | I |
| Consumer Price Index | 3/2016 | 4/2016 | M | Q | Q |
| Revenue, Expenditure, Balance and Composition of Financing/3 - General Government /4 | 11/2015 | 2/2016 | A | A | I |
| Stocks of Central Government and Central Government-Guaranteed Debt /5 | 2016 | 5/2016 | A | A | I |
| External Current Account Balance | 2014 | 5/2016 | A | A | I |
| Exports and Imports of Goods and Services | 2014 | 5/2016 | A | A | I |
| GDP/GNP | 2014 | 11/2015 | A | A | I |
| Gross External Debt | 2016 | 5/2016 | A | A | I |
| International Investment Position /6 | 2015 | 5/2016 | 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, AusDFAT, Korea 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, Timor-Leste, Tuvalu, and Vanuatu.
Prepared by the World Bank staff.
Prepared by the Asian Development Bank Staff.