Republic of Fiji: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Fiji
Republic of Fiji: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Fiji

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-12-03

Total Pages: 66

ISBN-13: 1616356146

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Fiji has been among the hardest hit by the pandemic—with infection rates at one point among the highest in the world. Despite swift action by the government to close borders, protect the population, and mitigate the worst economic effects, the economic contraction was the worst in Fiji’s history. The crisis has come at a heavy social cost, including large-scale layoffs, surging unemployment, and high non-performing loans. Multilateral and bilateral support has been critical in helping Fiji weather the worst of the crisis and has facilitated a strong government response—including rapid acceleration of the government vaccination program underpinning Fiji’s reopening to international tourism.

Republic of Nauru: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Nauru
Republic of Nauru: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Nauru

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-02-07

Total Pages: 67

ISBN-13:

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Early and decisive measures successfully prevented an outbreak of COVID-19 in Nauru, and as of January 2022 there have been no COVID-19 cases on the island. Strong pandemic policy measures supported the economy, which continued to expand in FY20 and FY21. Nauru’s remoteness and size constrain potential growth and it is severely exposed to the negative effects of climate change on sea levels and the ocean stock of tuna. Development challenges are exacerbated by limited capacity and a high incidence of non-communicable diseases (NCDs).

Republic of Fiji
Republic of Fiji

Author: International Monetary

Publisher: International Monetary Fund

Published: 2024-06-10

Total Pages: 76

ISBN-13:

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The Fijian economy has recovered strongly from the pandemic. Real GDP rebounded by around 30 percent cumulatively in 2022–23, surpassing pre-pandemic levels. Inflation has recently ticked up modestly largely due to a temporary effect of the hike in Value-Added Tax rates. Supported by the economic recovery, the fiscal deficit and debt-to-GDP ratios continued to decline but remain at elevated levels. The FY2024 (August–July) budget included significant revenue enhancing measures, partially offset by spending increases, which, on balance, are expected to reduce the fiscal deficit and debt ratios. The monetary policy stance has remained accommodative, although the Reserve Bank of Fiji has begun tightening liquidity. The banking sector is sound overall, and asset quality is improving (although still lower than pre-pandemic levels). The coalition government is developing a program of growth-enhancing reforms, particularly in the National Development Plan due in June.

Republic of Fiji
Republic of Fiji

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2020-03-25

Total Pages: 54

ISBN-13: 1513537598

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This 2019 Article IV Consultation with the Republic of Fiji highlights that economic activity slowed sharply in 2019 due to lower government spending, tighter domestic financial conditions, weak sentiment, and the global deceleration. The slowdown followed several years of relatively strong growth, boosted by reconstruction spending after a major cyclone in 2016, which resulted in rising external and fiscal imbalances. Fiscal space is now at risk and external vulnerabilities remain significant. Fiji has large investment needs to strengthen resilience to natural disasters and climate change. A key priority should be to rebuild fiscal buffers in a growth-friendly way to create space to respond to future natural disasters and to ensure public debt sustainability. Fiscal consolidation should focus on reining in current spending given limited scope for further revenue mobilization and the need for capital spending to improve resilience to climate change. Improvements in the business environment and in governance are essential to raise potential growth and boost private investment, and to enhance productivity and competitiveness.

Republic of the Marshall Islands: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of the Marshall Islands
Republic of the Marshall Islands: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of the Marshall Islands

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-05-27

Total Pages: 78

ISBN-13: 1513572865

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Strong and timely containment measures have successfully prevented a domestic COVID-19 outbreak but have also weighed on economic activity. The real GDP is estimated to have contracted by 3.3 percent in FY2020 and is projected to further decline by another 1.5 percent in FY 2021 due to continued travel restrictions. Economic activity is expected to pick up in FY2022, as COVID-related restrictions will be relaxed gradually. The government is currently negotiating the renewal of Compact of Free Association (COFA) financial provisions with the United States, but terms remain uncertain. The government is considering to repeal the SOV Act and a bill on establishing a Digital Economic Zone was submitted to the Parliament recently.

Timor-Leste: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Timor-Leste
Timor-Leste: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Timor-Leste

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-07-14

Total Pages: 84

ISBN-13: 1513593250

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Although Timor-Leste has made considerable progress in many areas since its independence in 2002, it faces significant medium-term challenges. The nation has pressing development needs, young institutions, and is highly dependent on oil. Oil revenues from active fields, which have been the main source of funding for government spending, are drying up. The non-oil private sector economy remains underdeveloped and lack of good jobs and high youth unemployment are serious concerns.

Democratic Republic of Timor-Leste
Democratic Republic of Timor-Leste

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2024-02-27

Total Pages: 88

ISBN-13:

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Timor-Leste has made impressive progress since independence in 2002 but remains a fragile post-conflict nation with pressing development needs. With oil and gas production having recently come to a halt, progress on diversifying the economy and developing the private sector is urgently needed. Fiscal deficits are financed by the country’s considerable Petroleum Fund savings, but regular large withdrawals are expected to lead to its full depletion by the end of the 2030s. A new coalition government—formed following parliamentary elections in May 2023—targets higher growth and achieving fiscal sustainability.

Republic of Palau
Republic of Palau

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2023-12-21

Total Pages: 81

ISBN-13:

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Palau has emerged from the pandemic with significant output loss, elevated public debt and historically high inflation. Adverse demographic trends, high dependence on tourism and external support, and vulnerability to climate change risks raise vulnerabilities. The authorities successfully enacted a fiscal responsibility framework and modernized the tax system. A new Compact Review Agreement (CRA-23), with better financial terms, is awaiting approval by US Congress.

Managing Fiscal Risks from National Airlines in Pacific Island Countries
Managing Fiscal Risks from National Airlines in Pacific Island Countries

Author: Vybhavi Balasundharam

Publisher: International Monetary Fund

Published: 2021-07-09

Total Pages: 27

ISBN-13: 1513588869

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Pacific island countries (PICs) rely on national airlines for connectivity, trade, and tourism. These airlines are being struck hard by COVID-19. Losses will weigh on public sector balance sheets and pose risks to economic recovery. With a backdrop of tight fiscal space and increasing government debt, losses in airlines are adding to fiscal risks in some PICs. This paper discusses tools to evaluate and manage the fiscal risks from national airlines in the Pacific. We present a snapshot of the current state of Public Financial Management (PFM) practices in PICs and detail the best practices. This exercise would illustrate the areas in which PICs have scope to improve their risk management with regard to national airlines. We then discuss the use of diagnostic tools and capacity development to enhance monitoring and risk management. Greater transparency and accountability in the airlines, combined with rigorous oversight, would be the first step towards improved financial management of national airlines.