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 Nauru
Republic of Nauru

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2017-04-03

Total Pages: 48

ISBN-13: 1475591950

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This is the first Article IV Consultation since Nauru became the 189th Fund member in April 2016. Nauru’s growth and government revenue have improved substantially in recent years owing to the Australian Regional Processing Center (RPC) to process asylum seekers, fishing license fees, and residual phosphate mining. However, Nauru faces daunting challenges in sustaining growth and ensuring fiscal sustainability due to its limited sources of growth and income. The country is also vulnerable to climate change, its antiquated infrastructure hampers trade and growth, and its health indicators are below those of peers due to high incidence of non-communicable diseases.

Republic of Nauru
Republic of Nauru

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2023-11-28

Total Pages: 84

ISBN-13:

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Nauru faces structural challenges due to its small size and remoteness, and is highly dependent on imports. The narrow revenue base comprises fishing license fees, residual phosphate processing, and revenue from the Regional Processing Center (RPC). Nauru is vulnerable to the negative effects of climate change, as the population inhabit in a narrow coastal area. The health and economic impact of the pandemic has been limited in Nauru, thanks to successful vaccination and containment strategies

Republic of Nauru
Republic of Nauru

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2020-01-29

Total Pages: 54

ISBN-13: 1513528432

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This 2019 Article IV Consultation with Republic of Nauru highlights that it remains vulnerable to climate change and has a narrow economic base and limited capacity. Development challenges are increased by unavailability of land and high incidence of noncommunicable diseases. Growth was stronger than expected in FY2018 but slowed in FY2019. The outlook is subdued, with growth expected to reach 2 percent in the medium term. Revenues are projected to decline, necessitating a fiscal adjustment. Risks are skewed to the downside and include the scaling down of Regional Processing Centre activity and revenues, volatile fishing revenues, climate change, and delays in fiscal and structural reforms. Fiscal adjustment is required to avoid a breach of the fiscal anchor, contain debt, and maintain the Trust Fund contributions. New sources of economic growth and income are needed to support Nauru’s development agenda. Policies should be implemented in the near term to support private sector activity, including through financial sector development, state-owned enterprises reform, and land rehabilitation. The effectiveness of education and health spending needs to be improved to meet development goals.

Pacific Economic Monitor December 2021
Pacific Economic Monitor December 2021

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2021-12-01

Total Pages: 119

ISBN-13: 9292692305

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This issue of the Pacific Economic Monitor explores how the region can reopen and rebuild. Besides safely resuming travel and protecting health, a resilient recovery will depend on promoting fiscal sustainability and strengthening economic management, including regional cooperation to revitalize tourism.

Pacific Economic Monitor – August 2022
Pacific Economic Monitor – August 2022

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2022-08-01

Total Pages: 188

ISBN-13: 929269670X

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The Pacific region is expected to grow by 4.7% in 2022 and 5.4% in 2023 as most economies emerge from the worst of the pandemic-induced downturn. This issue of the Pacific Economic Monitor focuses on building and financing resilience to climate change and disasters. It also explores the impacts on the region of the Russian invasion of Ukraine, such as higher commodity prices.

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

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-12-09

Total Pages: 76

ISBN-13: 1616357185

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The COVID-19 pandemic and related containment measures have severely impacted the economy. Border closure and the suspension of commercial flights curtailed tourist arrivals. Real GDP contracted by 9.7 percent in FY2020, notwithstanding policy support. The economic contraction is estimated to have deepened in FY2021, and a gradual recovery is expected in FY2022 as tourism activities resume. While Palau’s public debt remains sustainable, the economic fallout of the pandemic and the cost of the fiscal response have led to a sharp deterioration of the fiscal position and a rapid increase in public debt. The high share of concessional loans from multilateral creditors in Palau’s external debt is an important risk mitigating factor. Palau is vulnerable to climate change and natural disasters.