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International Monetary Fund

frequent changes of ministers. There have been eleven governments in power since 1990, with most lasting only about one year. This constant turnover has delayed reforms as coordination of policies and obtaining consensus for needed reforms have proved difficult. Indeed, Chand (2002) and Henckel (2006) conclude that the Comprehensive Reform Program (CRP), which was launched by the Vanuatu government in 1997 to address structural weaknesses in the economy, has had limited success. Moreover, political instability and the associated changes in government policy have

Regional Office for the Asia and the Pacific

Support Project . AsDB is cooperating closely with the government and New Zealand to implement a package of investments and technical assistance to improve interisland shipping services, capacity, and regulation. The main outcomes of the project includes (i) better access to markets and social services in the outer island target areas by 2014; (ii) stronger safety regulations and more compliance; and (iii) better shipping infrastructure. AsDB provides a loan of $10.82 million, the New Zealand government a parallel grant of $12.60 million, and the Vanuatu government $3

International Monetary Fund. Asia and Pacific Dept

expenditures 20.0 Revenue loss 3.0 Minus : Grants 3.3 Insurance receipt 2.4 Synergies/reallocation 4.0 CG debt at end-2017 55.0 Financing requirement 35.6 Identified financing 20.7 Financing gap 14.9 Box 2. Infrastructure Projects 1 The Vanuatu government has been working with development partners in the last few years on setting up several major investment projects to address the country’s infrastructure bottlenecks and boost growth. Although the preparation

International Monetary Fund. Asia and Pacific Dept

increased in the last few years. However, these programs may lead to reputational risks, which in turn could have a potentially adverse impact on correspondent banking relationships (CBRs). General Government Revenue, 2016 (In percent of GDP) Sources: IMF, World Economic Outlook; and IMF staff calculations. Box 1. Economic Citizenship Program 1 After failed attempts to establish passport selling schemes in the 1990s, the Vanuatu government revived the new economic citizenship programs to boost revenue . Vanuatu Economic Rehabilitation Program (VERP

International Monetary Fund
This Selected Issues paper focuses on the reasons for the historically weak performance of Vanuatu. Among the key factors, growth has been hindered by substantial barriers to private sector development. Impediments include political uncertainty, high costs of doing business, poor and costly infrastructure, incomplete secured transactions framework, and weak land and property rights. Although these problems are not uncommon in the Pacific island region, Vanuatu’s progress in these structural reforms has been particularly slow, deterring foreign investment and reducing external competitiveness.
International Monetary Fund
Vanuatu has maintained macroeconomic stability, but real GDP growth slowed despite the receipt of considerable foreign assistance and the implementation of structural reforms under the Comprehensive Reform Program (CRP). A sharp increase in liquidity, a consequent bulge in consumption, and a rise in imports have affected Vanuatu's recent economic performance. Inflation, as measured by the consumer price index for the main urban centers, has remained moderate in recent years. The paper also discusses prices and population, financial sector, and external sector developments of Vanuatu.
International Monetary Fund
Ms. Shari Boyce, Mr. Sergei Dodzin, Mr. Xuefei Bai, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

-August 1, 2014, Koror, Palau • The Third International Conference on Small Island Developing States, September 1-4, 2014, Apia, Samoa, Organizer: United Nations— http://www.sids2014.org/ • South-Pacific Governors’ Meeting, December 4-6, Fiji Recent IMF-Related Events on Small States • PFTAC Steering Committee Meeting, November 21, 2013 in Port Vila, Vanuatu (see photos on following page)— http://afspc.pftac.org/events/2 , co-hosted by PFTAC and the government of VanuatuGovernment of Vanuatu/IMF Pacific Islands Conference–“The Pacific Way: Lifting

International Monetary Fund

Facility and the Pacific Infrastructure Advisory Center . These initiatives will provide specialist advice and finance for investments in all infrastructure sectors. Following the Vanuatu government’s Comprehensive Reform Programme Summit in March 2007, NZAID, in cooperation with AsDB, undertook a joint shipping study to evaluate the current inter-island shipping situation, including the current enabling environment and related governance, management and policy and regulatory framework issues. This study was completed in July 2008 with the Council of Ministers

International Monetary Fund

GDP is transferred to them annually through a direct budget grant. Wage Bill Dynamics 11. Vanuatu’s public wage bill is large by regional and international standards ( Table I.3 ). Despite the higher share of public wages in total government expenditure, the size of public employment is lower than in Fiji and Solomon Islands. Table I.2. Public Enterprises in Vanuatu Government shareholding End of 2003 Net debt to government End of 2003 Budgetary grant, 2003 (In percent) (In mil. VT) (In mil. VT) Company