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.
Pacific Islands and the IMF
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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.
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Solomon Islands: 2023 Article IV Consultation-Press Release; and Staff Report
May 12, 2023
Series:Country Report No. 2023/162
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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.
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March 29, 2023
Series:Country Report No. 2023/126
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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.
At a Glance Pacific Islands's Relations with the IMF
- Fiji joined the Fund in May 28, 1971—Art VIII; see Fiji's financial position in the Fund
- Samoa joined the Fund in December 28, 1971;—Art VIII; see Samoa's financial position in the Fund
- Papua New Guinea joined the Fund in October 09, 1975—Art VIII; see Papua New Guinea's financial position in the Fund
- Solomon Islands joined the Fund in September 22, 1978—Art VIII; see Solomon Islands' financial position in the Fund
- Vanuatu joined the Fund in September 28, 1981—Art VIII; see Vanuatu's financial position in the Fund
- Tonga joined the Fund in September 13, 1985—Art VIII; see Tonga's financial position in the Fund
- Kiribati joined the Fund in June 03, 1986—Art VIII; see Kiribati's financial position in the Fund
- Marshall Islands joined the Fund in May 21, 1992—Art VIII; see Marshall Islands' financial position in the Fund
- Micronesia joined the Fund in June 24, 1993—Art VIII; see Micronesia's financial position in the Fund
- Palau joined the Fund in December 16, 1997—Art VIII; see Palau's financial position in the Fund
- Tuvalu joined the Fund in June 24, 2010—Art VIII; see Tuvalu's financial position in the Fund
- Nauru joined the Fund in April 12, 2016—Art VIII; see Nauru's financial position in the Fund
News and Highlights
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Pacific Island Airlines: Flying on Empty?
IMF Blog
August 18, 2021
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Millennials and the Future of Work
Finance & Development Magazine, June 2017 Issue
September 8, 2017
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World Economic Outlook Update, July 2017
The Global Economy Maintains Momentum
July 25, 2017
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What We Have Seen and Learned 20 Years After the Asian Financial Crisis
Blog by Mitsuhiro Furusawa
July 13, 2017
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Transparency Pays: Emerging Markets Share More Data
IMF Blog
July 7, 2017