This web page presents information about the work of the IMF in Pacific Islands Countries, including the activities of the IMF Regional Resident Representative Office based in Suva, Fiji covers 12 IMF member countries in the Pacific. Additional information can be found on the IMF country pages for Fiji, Kiribati, Marshall Islands, Micronesia, Nauru, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu, including IMF reports and Executive Board documents that deal with issues in Pacific Island Countries.

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Pacific Islands and the IMF

  • IMF Executive Board Concludes 2023 Article IV Consultation with Solomon Islands

    May 12, 2023

    The economy is recovering from multiple shocks in the past three years, but the recovery is still fragile. The reopening of the border and infrastructure spending ahead of the 2023 Pacific Games have accelerated the recovery from civil unrest and the local outbreak of COVID-19, but rising living and business costs have been a drag. The economy remains subject to downside risks, including a potential resurgence of the COVID-19 pandemic, natural disasters, increases in global commodity prices, and recurrent political instability. Both fiscal and current account deficits are expected to persist in the medium-term, driven by large spending on infrastructure, other tangible and human capital development, and declining log exports. Reserve coverage is expected to decline as a result, although it is forecast to remain within the adequacy range under the baseline.

  • Solomon Islands: 2023 Article IV Consultation-Press Release; and Staff Report

    May 12, 2023

    Series:Country Report No. 2023/162

  • Tuvalu: Staff Concluding Statement of the 2023 Article IV Mission

    April 25, 2023

    A successful vaccination strategy allowed Tuvalu to lift COVID containment measures at the end of 2022, but the economic cost of the pandemic has been significant. Real GDP growth was -4.3 percent in 2020, with at-the-border containment measures leading to delays in much-needed infrastructure projects. Activity has not fully recovered to its pre-pandemic level, with growth in 2021 at 1.8 percent and estimated at 0.7 percent for 2022. Headline inflation rose to 11.5 percent in 2022 in the context of higher global inflationary pressures, an increase in transportation costs around the world, and the increase in global food prices in the wake of Russia’s invasion of Ukraine. The external position temporarily strengthened as COVID containment measures and their impact on import-intensive infrastructure projects led to a sharp increase in the current account balance, implying that its level for 2022 was broadly in line with fundamentals and desirable policy settings.

  • Papua New Guinea: Requests for an Arrangement under the Extended Credit Facility and an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for the Papua New Guinea

    March 29, 2023

    Series:Country Report No. 2023/126

  • IMF Executive Board Approves US$918 million Under the Extended Credit Facility and Extended Fund Facility for Papua New Guinea

    March 22, 2023

    The Executive Board of the International Monetary Fund (IMF) today approved 38-month arrangements under the Extended Credit Facility and Extended Fund Facility for Papua New Guinea (PNG) in the amount of SDR684.3 million (equivalent to US$918 million). The program seeks to protect the vulnerable and foster inclusive growth. The reforms will focus on strengthening debt sustainability, alleviating foreign exchange (FX) shortages, and enhancing governance and operationalizing the anti-corruption framework.


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At a Glance Pacific Islands's Relations with the IMF

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News and Highlights