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International Monetary Fund. Asia and Pacific Dept

printed copy International Monetary Fund Washington, D.C . © 2021 International Monetary Fund PR21/263 IMF Executive Board Concludes 2021 Article IV Consultation with Vanuatu FOR IMMEDIATE RELEASE Washington, DC – September 14, 2021 : The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation 1 with Vanuatu. The COVID-19 pandemic and major natural disasters hit the Vanuatu economy severely in 2020. Due to the authorities’ decisive measures, Vanuatu has had no domestic transmission of COVID-19. However, the

International Monetary Fund. Asia and Pacific Dept
Border closures and other pandemic containment measures have kept Vanuatu free from COVID-19. However, they have dealt a heavy blow to economic activity as tourism has come to a virtual halt. On top of the pandemic, Tropical Cyclone Harold and a volcanic eruption in Tanna Island caused extensive economic damage in 2020. In the context of a continued loss of correspondent banking relationships (CBRs) in the Pacific, Vanuatu also lost a key CBR at end-June 2021. Air Vanuatu, one of the state-owned enterprises (SOEs), is in the process of being restructured.
International Monetary Fund

and an example to others. Notwithstanding the prudent macroeconomic management of recent years, the Vanuatu economy has struggled over the last decade as a whole; per capita GDP has fallen, and Vanuatu has underperformed most of the other Pacific Island economies. My authorities are well aware of the need to address the factors that contributed to this decline, although the pace of reform is constrained by political realities. In recent years, however, economic performance has been more encouraging, with growth last year estimated to have been around 3 percent

International Monetary Fund

financial supervision of offshore banks has been significantly improved. Additional reform, such as restructuring public enterprises and improving infrastructure, remains crucial for establishing the sound private sector environment needed to raise economic growth over the medium term. During the November discussions, the authorities noted that they found missions’ views during Article IV consultations useful, and welcomed the initiation of interim-year staff visits. II. R ecent E conomic D evelopments 4. The Vanuatu economy recovered in 2003–04 following two

International Monetary Fund
This 2004 Article IV Consultation highlights that Vanuatu’s real GDP growth rebounded to 2.4 percent in 2003, and the recovery continued in 2004 with growth of an estimated 3 percent. The improvement was bolstered by a strong supply response to a recovery in export prices and the liberalization of trading in two key exports (cocoa and copra), the discovery of new markets for kava following the ban by several countries in 2002, and higher tourist arrivals with an expansion in airline capacity to Vanuatu. Progress has also been made in strengthening Vanuatu’s financial sector.
International Monetary Fund
This Selected Issues paper and Statistical Appendix summarizes the factors explaining Vanuatu’s recent growth performance, which has weakened since the mid-1990s. The paper highlights that Vanuatu’s annual rate of growth averaged ¾ percent during 1997–2001, compared with 4¾ percent during 1992–1996. The paper compares Vanuatu’s external competitiveness with several other small island economies in the South Pacific region. The paper describes the development and structure of Vanuatu’s offshore financial center, examines its macroeconomic impact, and highlights some key recent developments. It also provides a preliminary assessment of the prospects for the sector.
International Monetary Fund
This paper describes economic developments in Vanuatu during the 1990s. In 1993, real GDP growth rebounded to 4½ percent. Agricultural output recovered from the effects of the 1992 cyclones, and construction activities picked up on account of cyclone rehabilitation and a new stadium. Reflecting increased import demand associated with these activities, as well as substantially lower export prices and weak tourism receipts, the external current account registered a deficit equivalent to 6 percent of GDP. Inflation slowed to less than 2 percent in line with the trend in import prices.
International Monetary Fund
This paper describes economic developments in Vanuatu during the first half of the 1990s. In 1995, economic growth recovered to more than 3 percent, following the slowdown in the previous year, owing to increased agricultural production, especially of copra and cocoa, and the growth in construction and tourism. Inflation remained below 2 percent, notwithstanding the impact of a new turnover tax on consumer prices, owing to a sharp reduction in import tariffs and a decline in rental prices. The overall fiscal deficit narrowed mainly owing to lower capital expenditure.
International Monetary Fund

This 2004 Article IV Consultation highlights that Vanuatu’s real GDP growth rebounded to 2.4 percent in 2003, and the recovery continued in 2004 with growth of an estimated 3 percent. The improvement was bolstered by a strong supply response to a recovery in export prices and the liberalization of trading in two key exports (cocoa and copra), the discovery of new markets for kava following the ban by several countries in 2002, and higher tourist arrivals with an expansion in airline capacity to Vanuatu. Progress has also been made in strengthening Vanuatu’s financial sector.