{
  "title": "Tonga: 2011 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Alternate Executive Director for Tonga",
  "publication": "IMF Staff Country Reports, May 19, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/tonga-2011-article-iv-consultation-staff-report-staff-supplement-public-information-notice-24864",
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  "summary": "Tonga’s economy showed recovery from recent shocks on the back of stronger tourism activity and fiscal expansion. In spite of generous grant inflows, Tonga remains at “high risk of debt distress” according to World Bank-IMF debt sustainability analysis.",
  "publishDate": "2011-05-19",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Economic recovery and near-term drivers",
      "content": "- Tonga’s economy showed recovery from recent shocks on the back of stronger tourism activity and fiscal expansion.\n- Generous grant inflows supported the recovery but did not eliminate vulnerability."
    },
    {
      "heading": "Debt sustainability and risk assessment",
      "content": "- According to World Bank-IMF debt sustainability analysis, Tonga remains at “high risk of debt distress”.\n- Executive Directors encouraged authorities to set up a comprehensive debt-management strategy to limit the credit and currency risks."
    },
    {
      "heading": "Fiscal policy and consolidation",
      "content": "- Executive Directors stressed that fiscal consolidation is necessary to ensure fiscal sustainability.\n- Fiscal expansion contributed to the near-term recovery but needs to be reconciled with medium-term debt sustainability concerns."
    },
    {
      "heading": "Structural reforms and private sector",
      "content": "- Directors welcomed the government’s policy to pursue structural reforms to promote private sector activity and restore fiscal sustainability.\n- Emphasis on restoring fiscal sustainability while promoting private-sector-led growth.\n\n---\n\n Content in this bundle\n\n- cr11110\n  - cr11110 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr11110 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/tonga-2011-article-iv-consultation-staff-report-staff-supplement-public-information-notice-24864"
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    "Published: May 19, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455264438.002",
    "Tonga’s economy showed recovery from recent shocks on the back of stronger tourism activity and fiscal expansion.",
    "Generous grant inflows supported the recovery but did not eliminate vulnerability.",
    "According to World Bank-IMF debt sustainability analysis, Tonga remains at “high risk of debt distress”.",
    "Executive Directors encouraged authorities to set up a comprehensive debt-management strategy to limit the credit and currency risks.",
    "Executive Directors stressed that fiscal consolidation is necessary to ensure fiscal sustainability.",
    "Fiscal expansion contributed to the near-term recovery but needs to be reconciled with medium-term debt sustainability concerns.",
    "Directors welcomed the government’s policy to pursue structural reforms to promote private sector activity and restore fiscal sustainability.",
    "Emphasis on restoring fiscal sustainability while promoting private-sector-led growth.",
    "**_cr11110**"
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