Cover IMF Staff Country Reports
Vanuatu: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Vanuatu
Author:
International Monetary Fund. Asia and Pacific Dept
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2023: Issue 115
Language:
English
Publication Date:
22 Mar 2023
DOI:
https://doi.org/10.5089/9798400238079.002
ISBN:
9798400238079
ISSN:
1934-7685
Pages:
115
Keywords:
staff appraisal; reconstruction effort; fuel shortage; money market rate; baseline projection; liability positions vis-à-vis nonresident; ECP revenue; Natural disasters; External sector statistics; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Pacific Islands; Australia and New Zealand; Asia and Pacific
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Following a successful COVID-19 containment strategy, the border reopened in July 2022, and tourism is returning to Vanuatu. Economic activity is expected to be strong in the near term, with real GDP growing around 3.4 percent in 2023, as tourism and construction activities resume. High imported prices are likely to stoke inflation and push the current account into deficit, while fiscal policy will turn more expansionary. The Economic Citizenship Program (ECP) is facing significant challenges, with important implications for revenue and governance, while Air Vanuatu, the national airline, is facing serious operational and financial difficulties. Key structural vulnerabilities relating to climate change, limited infrastructure development capacity, and weak governance, persist.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2023: Issue 115