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Asia and Pacific > Kiribati

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Cover IMF Staff Country Reports
Kiribati: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kiribati
International Monetary Fund. Asia and Pacific Dept
The 2024 Article IV Consultation with Kiribati discusses that the economy strengthened after the removal of all coronavirus disease 2019 restrictions in the second half of 2022. Kiribati is among the most vulnerable countries to the effects of climate change. Infrastructure gaps compound already challenging constraints imposed by distance and dispersion, limiting the development of the private sector in the state-dominated economy, and cementing its reliance on imports, especially for essential commodities such as food and fuel. IMF team recommended initiating an ambitious fiscal consolidation effort through scaling back recurrent spending and strengthening the fiscal policy framework. It is also imperative to implement structural reforms to raise private sector employment and investment, enhance export competitiveness, close infrastructure and human capital gaps, expand financial access, better utilize natural resources, and strengthen institutions and governance. Additionally, it is required to continue capacity development to produce high-quality statistics in a timely manner to support data-driven policy formulation.
Keywords:
Kiribati authorities; private sector employment; IMF headquarters; Kiribati's economy; money market rate; Debt sustainability analysis; Agroindustries; Government debt management; Global; Australia and New Zealand; Pacific Islands
Cover IMF Staff Country Reports
Kiribati: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper focuses on a case study on copra subsidy in Kiribati. The copra subsidy, disbursed as a minimum support price, is a major part of the social safety net in Kiribati. The subsidy has multiple purposes—including as a means to transfer resources to the outer islands and to stem migration to the capital. The horizontal diversification model shows that a higher subsidy on copra diverts production and labor towards copra but lowers overall income. The vertical diversification model demonstrates how a subsidy on a primary product increases its supply but reduces production of the final good. Considering the benefits, the government could boost the subsidy’s efficiency, replace the scheme with a poverty-targeted social assistance program, or impose a cap on payments. Development partners, including the IMF and the World Bank, stand ready to provide support in both areas as needed.
Keywords:
COPRA subsidy; Copra support price; price support scheme; impact of subsidy; household income expenditure survey report; cut support price; Price incentives; Agricultural commodities; Income; Exports; Pacific Islands; Global
Cover IMF Staff Country Reports
Kiribati: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
Due to supportive fiscal policies, the economy recovered strongly in 2021, with real GDP growing 7.9 percent. However, a domestic outbreak of COVID-19 and the subsequent lockdown restrictions imposed in the first half of 2022 along with a severe drought dampened economic activities. With the reopening of borders in August 2022, GDP growth is expected to increase from an estimated 1.2 percent in 2022 to 2.5 percent in 2023. Inflation has picked up recently due to the recovery in domestic demand, supply shortages, and elevated commodity prices and freight costs. Risks to the outlook are mainly on the downside.
Keywords:
Kiribati consumer price index; headline inflation; standard of living; IMF headquarters; CPI update; Government finance statistics; Agroindustries; Global; Australia and New Zealand; Pacific Islands
Cover IMF Staff Country Reports
Kiribati: Selected Issues
International Monetary Fund. Asia and Pacific Dept
The Selected Issues paper focuses on climate change in Kiribati. This note summarizes the main ways in which climate change may negatively affect the economy of Kiribati. It then shows how Kiribati may cope with these negative effects by implementing adaptation projects, as well as by contributing to global mitigation efforts. Finally, the note describes some issues related to climate finance and how authorities of Kiribati may direct their efforts in the most productive way to ensure that climate-related projects obtain the proper financial backing and are carried out to fruition in a timely fashion. Leveraging climate finance effectively is critical to ensure Kiribati implements climate projects. Introducing renewable energy is one of the most effective ways to achieve emissions reductions for Kiribati. Besides renewable energy, other non-price-based instruments can be deployed for climate mitigation. Above all, international cooperation is crucial to help Kiribati overcome climate threats. The impact of climate change is far beyond the ability of any countries to cope with it alone, not to mention small atoll islands like Kiribati.
Keywords:
Policy recommendation; fishery management rule; growth Impact; gender equality in Kiribati; Kiribati grid; Climate change; Agroindustries; Gender inequality; Climate finance; Global; Pacific Islands; Australia and New Zealand
Cover Policy Papers
Implementation Plan in Response to the Board-Endorsed Recommendations from the IEO Evaluation Report on IMF Engagement with Small Developing States
International Monetary Fund
This paper presents a Management Implementation Plan (MIP) with actions to take forward the Board-endorsed recommendations from the Independent Evaluation Office (IEO)’s report on IMF Engagement with Small Developing States (SDS). The actions in the MIP are broad in scope, touching on all modalities of the Fund’s engagement with SDS, and seek to be comprehensive, self-reinforcing, cost-effective, and designed to be adopted as a package. The MIP aims to support a targeted and effective recalibration of engagement with SDS; enhance IMF’s surveillance and capacity development in SDS members; strengthen the Fund’s lending engagement with SDS, in line with the applicable policy frameworks; and secure an effective, well-tailored and more continuous staff presence in SDS.
Keywords:
Capacity development; climate; lending; policy frameworks; training; small developing states; staffing; surveillance; SDS staff guidance note; SDS member; SDS-SGN update; presence in SDS; IMF's transparency policy; Climate change; Budget planning and preparation; Financial sector; Caribbean; Global; Central America
Cover IMF Staff Country Reports
Kiribati: 2018 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Kiribati
International Monetary Fund. Asia and Pacific Dept
Growth has been strong in recent years and some moderation is expected, with risks skewed to the downside. High fishing revenues improved the fiscal position, but generated pressure to increase spending. There has been progress on fiscal and structural reforms. Yet, public spending needs are large, driven by an infrastructure gap and climate adaptation costs, and the country remains at high risk of debt distress.
Keywords:
ISCR; CR; Kiribati; government; debt; fishing revenue; liability positions vis-à-vis nonresident; government transition; resilience to climate change; private sector growth; government's plan; Agroindustries; Natural disasters; Fiscal accounting and reporting; Global; Pacific Islands; Australia and New Zealand; Asia and Pacific
Cover IMF Staff Country Reports
Kiribati: 2016 Article IV Consultation-Press Release;Staff Report; and Statement by the Executive Director for Kiribati
International Monetary Fund. Asia and Pacific Dept
This 2016 Article IV Consultation highlights that Kiribati’s recent economic performance has been strong. Growth is estimated to have reached 3.5 percent in 2015, supported by record-high fishing revenue, donor-financed infrastructure projects, and reconstruction in the aftermath of cyclone Pam. The fiscal position has improved markedly in recent years. High fishing revenue contributed to a recurrent fiscal balance of almost 50 percent of GDP in 2015, more than offsetting the increase in recurrent government spending of 13 percent. Growth is projected to moderate somewhat to about 3 percent in 2016, while inflation remains subdued owing to low food and commodity prices.
Keywords:
ISCR; CR; government; Kiribati; real GDP; dollar; development partner; GDP; fishing revenue; private sector growth; government's plan; Kiribati authorities; Climate change; Agroindustries; Government finance statistics; Global; Pacific Islands; Australia and New Zealand
Cover IMF Staff Country Reports
Kiribati: 2015 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Asia and Pacific Dept
KEY ISSUES Context. Donor-financed large infrastructure projects, increased public spending, and a pick-up in credit to households have boosted real GDP growth to close to 4 percent in 2014 and to about 3 percent in 2015. Inflation remains low, underpinned by lower food and commodity prices. Steps are being taken to reduce the many hurdles to private growth that Kiribati faces, among which are high transportation and communication costs and an increasing impact of climate change. Fiscal policy. The fiscal outlook has improved, but further efforts are needed to ensure sustainability. The recurrent balance was in large surplus in 2014 and is expected to remain positive in 2015, reflecting high revenue from license fees, and notwithstanding a large increase in expenditures. But under the historic pace of spending the sovereign wealth fund (Revenue Equalization Reserve Fund—RERF) would be depleted in about 20 years. Ensuring sustainability requires containing nominal expenditure growth to around 1½ per annum over the next five years (after accommodating climate-change-related costs), with transparent and symmetric transfers and withdrawals from the RERF around this path. Structural reforms. There is a consensus among donors that significant progress has been achieved. The State-Owned Enterprise (SOE) Reform Act is being implemented in a satisfactory way, as illustrated by the recent successful privatization of the telecommunication company. Key outstanding issues include further reforming the energy and copra sectors and improving the investment climate.
Keywords:
ISCR; CR; expenditure growth path; development expenditure; debt-to-GDP; real GDP; expenditure path; climate change; fishing license; Agroindustries; Global; Pacific Islands; Australia and New Zealand
Cover IMF Staff Country Reports
Kiribati: Staff Report for the 2014 Article IV Consultation
International Monetary Fund. Asia and Pacific Dept