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International Monetary Fund. Asia and Pacific Dept

,138 … Sources: Nauru authorities and IMF staff estimates and projections. 1/ Nauru uses the Australian dollar as the legal tender, and the fiscal year ends in June. 2/ In FY2021 grants include debt forgiveness for Yen Bonds. 3/ Stock of government deposits is under review by authorities and may be updated. 4/ Including the defaulted Yen bonds (until 2021 when the debt was settled), and use of Special Drawing Rights (SDR). 5/ Including the estimated government liability related to Bank of Nauru’s liquidation. 6/ External debt

International Monetary Fund. Asia and Pacific Dept

restaurants. The RPC has raised Nauru’s population by more than 20 percent since FY2013 with the increasing number of asylum seekers, refugees, and foreign workers living in Nauru. Nauru: The RPC and Nauru’s Population Sources: Nauru authorities, and IMF staff estimates. Economic impact . The share of RPC-related services is estimated at around 35 percent of GDP. The RPC-related fiscal revenues comprise of visa fees (A$2,000/person/month for refugees and A$1,000/person/month for asylum seekers), withholding employment and services taxes on expatriates, and other

International Monetary Fund. Asia and Pacific Dept
This 2017 Article IV Consultation highlights Nauru’s growth and a substantial improvement in government revenue in recent years thanks to processing of asylum seekers by the Australian Regional Processing Center (RPC), fishing license fees, and residual phosphate mining. In the near term, GDP growth is projected to be moderate at 4 percent in fiscal year 2017 (ending June 30) mainly due to a slowdown in phosphate exports and limited expansion of the RPC. The medium-term outlook is vulnerable to scaling down of the RPC following the expected transfer of refugees to other countries, which will produce a substantial decline in RPC revenue.
International Monetary Fund. Asia and Pacific Dept

and preparations for hosting of the Pacific Island Forum, contributed to a pick-up in growth to 5.7 percent. However, lower numbers of refugees and asylum seekers have reduced activity in FY2019, and growth is estimated to have slowed to 1.0 percent. Inflation moderated to 0.5 percent in FY2018 mirroring low inflation in Australia but picked up to 3.9 percent in March 2019. Nauru: Contribution to Real GDP growth (Percent, year-on-year change) Source : Nauru authorities, and IMF staff estimates and projections. 6. The FY2019 fiscal surplus is

International Monetary Fund. Asia and Pacific Dept

average) 1.2 1.37 1.33 1.29 1.40 … … Real Effective Exchange Rate (period average) 98.2 101.7 113.5 111.1 … … … Nominal GDP (in millions of Australian dollars) 104.3 137.5 145.3 160.0 165.3 170.2 175.4 Nominal GNI (in millions of Australian dollars) 142.4 187.0 203.4 214.6 243.5 236.8 241.6 Nominal GNI per capita (in US dollars) 9,551 10,439 11,409 12,605 13,764 … … Sources: Nauru authorities and IMF staff estimates and projections. 1/ Nauru uses the

International Monetary Fund. Asia and Pacific Dept

As the Fund’s newest member, our Nauruan authorities thank the IMF Mission team for the constructive dialogue, engaging policy discussions and comprehensive assessment of the challenges facing the Nauruan economy, in the first IMF Article IV consultation for Nauru. Authorities broadly agree with the staff’s assessment of policy challenges and welcome suggested policy actions to ensure fiscal sustainability, enhance resilience to climate change and promote inclusive growth. We would like to convey our Nauruan authorities’ appreciation to the Fund for policy

International Monetary Fund. Asia and Pacific Dept

.37 … Real Effective Exchange Rate (period average) 103.0 100.1 93.4 98.2 104.9 … Nominal GDP (in millions of Australian dollars) 100.7 105.9 127.5 120.1 140.2 151.0 Sources: Nauru authorities and IMF staff estimates and projections. 1/ Nauru uses the Australian dollar as the legal tender, and the fiscal year ends in June. 2/ The social indicators are taken from United Nations Development Program and Secretariat of the Pacific Community. 3/ Including the defaulted Yen bonds and the estimated government liability

International Monetary Fund. Asia and Pacific Dept

Freight 3.4 5.3 Nauru Airlines Cash Flow support 3 0.5 Nauru Airlines CSO (transport connectivity) 0 2.6 Nauru Shipping Line (transport connectivity) 0.4 2.2 COVID-19 ex-gratia 1.7 1.5 Total 8.5 11 Notes. Covid-19 ex gratia are stimulus payments to government employees. Source: Nauru authorities PICs: Fiscal Measures in Response to COVID-19 (In percent of GDP) 7. The resolution of a longstanding sovereign debt default has significantly lowered Nauru’s external debt . The Government of

.2 175.4 Nominal GNI (in millions of Australian dollars) 142.4 187.0 203.4 214.6 243.5 236.8 241.6 Nominal GNI per capita (in US dollars) 9,551 10,439 11,409 12,605 13,764 … … Sources: Nauru authorities and IMF staff estimates and projections. 1/ Nauru uses the Australian dollar as the legal tender, and the fiscal year ends in June. 2/ The social indicators are taken from United Nations Development Program and Secretariat of the Pacific Community. 3/ Including the defaulted Yen bonds. 4/ Including the estimated

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).