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International Monetary Fund. Asia and Pacific Dept
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).
International Monetary Fund. Asia and Pacific Dept

program over the medium-term due to capacity constraints and unresolved institutional issues. In the absence of domestic data sources for important ESS components (including cross-border trade), there is a need to rely on partners’ data, which apart from well-known limitations of relevant databases, have additional drawbacks including due to confidentiality concerns due to the size of Nauru’s economy. A November 2021 ESS TA mission set up and documented a detailed ESS compilation program and outlined action plan to go forward. II. Data Standards and Quality

International Monetary Fund. Asia and Pacific Dept

and the new National Accounts Statistics, particularly related to the exports of commodities and imports of services. Currently, publicly available information on remittances from Timorese working abroad is limited and improvement in the estimation and compilation procedures of such remittances should be pursued. The October 2015 ESS TA Mission found that important improvements have been made on the integrated IIP, namely the classification of components; the treatment of changes in prices and changes in exchange rates; and the treatment of positions of the

International Monetary Fund. Asia and Pacific Dept

October 2015 the Solomon Islands received technical assistance on GFS under the IMF HQ Japan Administered Account. Since the completion of this program, PFTAC started to support capacity development in GFS. Improvements were made by reconciling administrative data with GFS data for the budgetary central government. PFTAC’s support aims at expanding coverage and compiling GFS for the general government in the Solomon Islands. PFTAC is funding an ESS TA mission later in FY17. In the macroeconomic area, PFTAC is continuing to support the development and use of a

International Monetary Fund. Middle East and Central Asia Dept.

(FAS) including the two indicators (commercial bank branches per 100,000 adults and ATMs per 100,000 adults) adopted by the UN to monitor Target 8.10 of the Sustainable Development Goals (SDGs). Balance of payments : The external sector statistics (ESS) in Tunisia is still compiled under the BPM5. The CBT is working on a strategic plan for the transition to the statistical framework of the BPM6. The 2020 IMF/STA ESS TA mission reviewed the strategic plan and found it adequate for this transition, except for the recording of direct investment data that require

International Monetary Fund. Asia and Pacific Dept

statistics (ESS) TA mission was conducted remotely during July 26–29, 2020 aimed at improving the quality of balance of payments (BOP) data. Work on finalizing the compilation and dissemination of international investment position (IIP) will commence in the second half of 2021. The authorities have also begun publishing the annual financial stability report since 2019. 1 Hengyi Industries is a joint venture between China’s Zhejiang Hengyi Group and Damai Holdings (part of Brunei Government Strategic Development Capital Fund). It is a major refinery

International Monetary Fund. Asia and Pacific Dept
Brunei’s economic performance—which was strong before the COVID-19 pandemic—has been buffeted by the health crisis and a pandemic-induced oil and gas price shock. The authorities responded fast and decisively. The number of new infections was quickly suppressed, thanks to a swift public health response, effective health measures and non-pharmaceutical interventions. Strong fiscal and regulatory policy responses helped sustain production and household income and consumption. Past diversification efforts and reforms bore fruit when it was most needed. As a result, the economy performed strongly in 2020, with real GDP posting positive growth of 1.1 percent—a rare outcome amidst negative growth in the region. Economic activity is projected to strengthen in 2021-22, albeit at varying speeds across sectors, and to continue improving over the medium term on the back of further diversification. The outlook is, however, subject to unusual uncertainty, with significant risks skewed to the downside. Sustained strong policy actions are needed to ensure continued resilience, while nurturing green, digital and inclusive growth.
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation highlights that Timor-Leste remains a fragile post-conflict nation with weak human and institutional capacity and large infrastructure gaps. The main challenge facing Timor-Leste is to effectively manage its petroleum wealth to reduce public-sector dependence, diversify the non-oil economy, generate jobs for a young and rapidly-growing population, and raise living standards. Political uncertainty constrained public spending in 2017–18, resulting in a sharp contraction of non-oil GDP in 2017 and flat growth in 2018. The report discusses that risks to the outlook are closely tied to the success of fiscal and structural reforms to maintain macroeconomic stability, ensure long-run fiscal sustainability, and facilitate economic diversification. The consultation recommends that a fiscal strategy should be pursued to improve expenditure control and efficiency, mobilize domestic revenue, and commit to protecting the wealth of the Petroleum Fund. Ongoing efforts to strengthen public financial management and promote good governance are crucial to ensure public investment efficiency and enhance the quality of public services.
International Monetary Fund. Middle East and Central Asia Dept.
The pandemic aggravated Tunisia’s long-standing vulnerabilities stemming from persistent fiscal and external imbalances, rising debt, and contingent liabilities from inefficient state-owned enterprises. The crisis is expected to induce the largest contraction in real GDP since independence. The authorities’ targeted response together with higher outlays on wages widened the fiscal deficit. A second Covid-19 wave is underway. The authorities are securing 500,000 doses to start a first campaign of vaccinations in February and are aiming to secure more doses to vaccinate half of the population starting in April–May. Staff expects GDP growth to rebound modestly in 2021, but it could take years before activity returns to pre-crisis levels, especially if large imbalances were not addressed and key reforms delayed. Downside risks dominate and recent protests highlight the level of social tensions, aggravated by Covid-19 restrictions, and particularly among the youth.
International Monetary Fund. Asia and Pacific Dept
This 2017 Article IV Consultation highlights that the economy of the Solomon Islands grew by 3.5 percent in 2016 driven by a peak in the forestry sector. Growth remained solid in 2017 and is projected at 3.0 for 2018, buoyed by infrastructure spending, fisheries and agriculture, although logging production is slowing down. Inflation is contained at an annual rate of just 1.6 percent in October 2017. The current account deficit has widened a little but international reserves levels are comfortable. The fiscal deficit is expected to have reached 4.0 percent of GDP in 2017 and to widen further in 2018. The risks to the economy are on the downside with the weakening fiscal position heightening vulnerability to shocks.