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Paul De Grauwe

most other Pacific islands to prospective markets for tourism in Australia and New Zealand. Finally, the relative homogeneity of the population of 215,000 (the third largest in the Pacific) shields the country from both ethnic disruptions and problems associated with crime. Despite its advantages, Vanuatu continues to provide a weak environment for private activity, with poor infrastructure, rapid population growth, and political instability, and this has compounded the difficulties stemming from the still narrow output and export base. Human development indicators

Mr. Christopher Browne

donors. The Plan was firmly supported by Australia and New Zealand. A comprehensive draft of the Plan for the upcoming 10-year period was approved by the Pacific Forum Economic Ministers at their June 2005 meeting in Tuvalu. A final version of the Plan was approved by the Pacific Islands Forum leaders at their October 2005 meeting in Papua New Guinea. 1 The Plan identifies a strategic framework of regional policies to be achieved over various time horizons. Early practical issues are to be completed or initiated within three years, medium-term proposals within five

International Monetary Fund
This report presents data provided by the authorities during 2005–09, which include Kiribati's contributions to GDP growth and gross national product. It provides a summary of central government's operations, revenue 2005–09, central government expenditure (functional and economic classifications), salary structure 2004–08, and budgetary subsidies to public enterprises. Details of assets and the liabilities of the Development Bank of Kiribati, provident funds, ANZ bank's balance sheets and interest rates, and composition of exports and imports are also mentioned. It shows services and income, external grants, and external assets and liabilities as well.
Mr. Christopher Browne

growth in the high-end hotel and restaurant, transport, and communication sectors. The main foreign exchange earners remain sugar exports, mainly to the EU at preferential prices, and tourism, with the number of visitors now at 500,000 annually, the majority of which are from Australia and New Zealand. Recent years have seen growth in remittances from an emerging Indo-Fijian diaspora. Other exports include gold and garments, both on the decline, and timber and mineral water, mainly to the United States, Australia, and New Zealand. Fiji also serves as a regional hub in

International Monetary Fund
This paper describes economic developments in Tonga during the 1990s. From 1993 to 1996, financial policies were quite expansionary. Following the licensing of two new banks, credit growth accelerated in 1994. The National Reserve Bank of Tonga initially adopted an accommodating stance, but in December 1995, tightened monetary policy significantly. Hampered by its poor profitability in the use of indirect monetary instruments, it relied on an increase in reserve requirements. Meanwhile, fiscal policy had added further to demand pressures with the recurrent budget surplus declining, owing to a cost-of-living adjustment to government wages.
Mr. Christopher Browne

several Pacific countries. This reflects both growing demand from Australia and New Zealand, currently the main markets for tourism services in the South Pacific, and a stronger focus on policies in support of tourism by policymakers in the region. Growing tourism activity and related investment have contributed substantially to the recent acceleration of growth. Inflation Over the last 10 years, average inflation has been relatively tame in both regions (see Table 6.2 ). Supported by the currency union and peg to the U.S. dollar, ECCU countries’ average

Mr. Christopher Browne

, there have been three military coups since the late 1980s, with trade sanctions by Australia and New Zealand and strengthened capital controls by the authorities in the wake of each coup, which has discouraged investment. In Papua New Guinea, no government has completed its five-year term since independence. In Solomon Islands, there was a period of ethnic conflict from mid-1999 through mid-2003. In the highland regions of Papua New Guinea, roadside bandits interrupt the marketing of agricultural crops such as coffee and cocoa, which has contributed to the collapse of

Mr. Raju J Singh

. Another factor was the considerable reduction in Australian and New Zealand tariffs, which eroded the advantage to Tonga of its duty-free access to these markets. The introduction of squash production in the mid- 1980s to supply Japan introduced some temporary dynamism and boosted agricultural incomes, but production peaked in 1993 and has since been in decline, partly reflecting growing foreign competition in that export market. Furthermore, even though squash production provided a welcome expansion of Tonga’s export base, it meant the economy was dependent on a single

International Monetary Fund. Asia and Pacific Dept
KEY ISSUES Context. Donor-financed large infrastructure projects, increased public spending, and a pick-up in credit to households have boosted real GDP growth to close to 4 percent in 2014 and to about 3 percent in 2015. Inflation remains low, underpinned by lower food and commodity prices. Steps are being taken to reduce the many hurdles to private growth that Kiribati faces, among which are high transportation and communication costs and an increasing impact of climate change. Fiscal policy. The fiscal outlook has improved, but further efforts are needed to ensure sustainability. The recurrent balance was in large surplus in 2014 and is expected to remain positive in 2015, reflecting high revenue from license fees, and notwithstanding a large increase in expenditures. But under the historic pace of spending the sovereign wealth fund (Revenue Equalization Reserve Fund—RERF) would be depleted in about 20 years. Ensuring sustainability requires containing nominal expenditure growth to around 1½ per annum over the next five years (after accommodating climate-change-related costs), with transparent and symmetric transfers and withdrawals from the RERF around this path. Structural reforms. There is a consensus among donors that significant progress has been achieved. The State-Owned Enterprise (SOE) Reform Act is being implemented in a satisfactory way, as illustrated by the recent successful privatization of the telecommunication company. Key outstanding issues include further reforming the energy and copra sectors and improving the investment climate.