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International Monetary Fund

.8 1.8 1.8 Ownership of dwellings 1.3 1.3 1.3 1.3 1.3 Less: Imputed bank service charge 0.9 1.1 15.3 -1.3 -3.3 Total GDP at factor costs -0.2 0.6 2.5 3.3 5.1 Net indirect taxes -0.2 0.6 2.5 4.6 6.2 Total GDP at constant market prices -0.2 0.6 2.5 3.5 5.3 Memorandum items: GDP deflator 5.7 -0.5 2.8 4.7 -2.2 GDP at current market prices 5.4 0.2 5.3 8.4 3.0 Sources: Data provided by the Tongan authorities; and Fund staff

International Monetary Fund

regime: Pegged to a basket containing the U.S., Australian, and New Zealand dollars T$ per US$ (period average) 1.34 1.32 1.37 1.37 1.28 1.26 T$ per US$ (end-period) 1.31 1.34 1.40 1.37 1.28 1.23 Quota = SDR 5.0 million Sources: Data provided by the Tongan authorities; and Fund staff estimates. 1/ Except where indicated otherwise. 2/ Transfers from revolving funds, local community contributions, and others. 3/ Includes net lending 4/ In months of imports of goods (c

International Monetary Fund. Asia and Pacific Dept

On behalf of the Tongan authorities, we wish to convey our gratitude to staff, management and the Executive Board for their continued support to Tonga, particularly during these challenging times. Amidst its recovery from the 2018 Tropical Cyclone (TC) Gita, Tonga’s economy was further buffeted by the COVID-19 pandemic and TC Harold in early 2020 . Given Tonga’s limited healthcare capacity and a relatively close-knit small population, a local COVID-19 outbreak would be catastrophic. The prompt adoption of preventive measures was therefore necessary to avert

International Monetary Fund. Asia and Pacific Dept

1. On behalf of the Tongan authorities, we would like to express the authorities’ sincere gratitude to Mr. Jookyung Ree and his team responsible for the 2014 Article IV Consultation. This year’s discussion focused on the recovery following Cyclone Ian, and encouraging sustainable long-term growth. The authorities broadly agree with the substance of the report. Recent Economic Development and Outlook 2. The Tongan economy experienced annual growth of around 3 per cent over the period between 2008–09 and 2010–11 on the back of public investment projects

International Monetary Fund

.59 1.69 2.15 2.15 Real effective exchange rate (1990=100) 101.1 104.5 100.2 97.7 Sources: Data provided by the Tongan authorities; and IMF staff estimates and projections. 1/ Fiscal year beginning July. 2/ Government overall balance for 2000/01 and 2001/02 are staff estimates. 3/ From the Banking Survey, which includes the Tonga Development Bank. 4/ In percent of exports of goods and services. 1 Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members

International Monetary Fund

1. On behalf of the Tongan authorities, we would like to thank the IMF team for the focused and constructive discussions on macroeconomic developments and policy issues in Tonga. The useful advice rendered during the Article IV consultation will be reflected upon and considered within the authorities’ short- and medium-term plans. For the most part, there is broad agreement on almost all of the major policy thrusts. Economic outlook for FY 2012/13 2. The Tongan economy continues to show encouraging signs of recovery from the prolonged impact of the global

International Monetary Fund. Asia and Pacific Dept
Tonga’s nascent economic recovery following Tropical Cyclone Harold and border closures in early 2020 has been severely disrupted by a double blow from the Hunga Tonga–Hunga Haʻapai volcanic eruption and the first local outbreak of COVID-19 at the start of 2022. The authorities are augmenting reconstruction and restoration efforts, with support from the international community. Real GDP is projected to contract by 1.9 percent in FY2022 (July 2021–June 2022), before rebounding by 3.2 percent in FY2023 with a gradual reopening of international borders.
International Monetary Fund

Introduction The Tongan authorities wish to express their sincere appreciation to the staff for their constructive discussion during the last Article IV consultation, as well as the comprehensive report on recent economic developments and policy challenges in Tonga. The mission provided valuable advice on policy recommendations on the overall macroeconomic framework and gave the authorities the opportunity to reassess their strategies. The Tongan economy recorded average growth of only one per cent during the last two years ending June 2002, partly

International Monetary Fund

terms sought by the Tongan authorities, the permanent increase in the external debt service profile—about 2 percent of GDP per year for 20 years starting in 2013—would heighten pressures on the budget and on the balance of payments, and a sharp increase in risks of debt distress. III. P olicy D iscussions The discussions covered short- and medium-term economic prospects and policies. The authorities underscored their intention to exercise caution in policy making, noting that current challenges were more difficult than in previous years. The staff welcomed

International Monetary Fund. Asia and Pacific Dept

Mr. Omar and Mr. Eddie submitted the following statement: On behalf of the Tongan authorities, we would like to express our sincere appreciation to the IMF mission team for the constructive and candid discussions during the 2016 Article IV Consultation. The discussions mainly centered on policies to further strengthen the resilience of Tonga’s economy, preserve macroeconomic and financial stability, and improve long term growth prospects. The authorities broadly agree with the thrust of the staff assessment of the macroeconomic performance, the risks to the