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International Monetary Fund. Asia and Pacific Dept

2018 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Kiribati

International Monetary Fund. Asia and Pacific Dept
Growth has been strong in recent years and some moderation is expected, with risks skewed to the downside. High fishing revenues improved the fiscal position, but generated pressure to increase spending. There has been progress on fiscal and structural reforms. Yet, public spending needs are large, driven by an infrastructure gap and climate adaptation costs, and the country remains at high risk of debt distress.
International Monetary Fund. Asia and Pacific Dept

2018 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Kiribati

International Monetary Fund. Asia and Pacific Dept

2018 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Kiribati

International Monetary Fund. Asia and Pacific Dept

2018 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Kiribati

International Monetary Fund. Asia and Pacific Dept

2018 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Kiribati

International Monetary Fund. Asia and Pacific Dept

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.

International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights that Kiribati’s recent economic performance has been strong. Growth is estimated to have reached 3.5 percent in 2015, supported by record-high fishing revenue, donor-financed infrastructure projects, and reconstruction in the aftermath of cyclone Pam. The fiscal position has improved markedly in recent years. High fishing revenue contributed to a recurrent fiscal balance of almost 50 percent of GDP in 2015, more than offsetting the increase in recurrent government spending of 13 percent. Growth is projected to moderate somewhat to about 3 percent in 2016, while inflation remains subdued owing to low food and commodity prices.
International Monetary Fund. Asia and Pacific Dept

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.