## Kiribati: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kiribati

_IMF Staff Country Reports, May 10, 2024_

## Source details

**Canonical URL:** [Kiribati: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kiribati](https://www.imf.org/en/publications/cr/issues/2024/05/09/kiribati-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-548731)

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## Bibliographic details
- Published: May 10, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400275487.002

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### Economic performance and vulnerabilities
- 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.
- Reliance on imports is cemented, especially for essential commodities such as food and fuel.

### IMF findings and recommendations
- IMF team recommended initiating an ambitious fiscal consolidation effort through scaling back recurrent spending and strengthening the fiscal policy framework.
- It is 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,
  - strengthen institutions and governance.
- Continue capacity development to produce high-quality statistics in a timely manner to support data-driven policy formulation.

### Subjects and keywords
- Subjects: Agroindustries, Debt sustainability analysis, Economic sectors, External debt, Government debt management, International organization, Monetary policy, Public debt, Public financial management (PFM)
- Keywords: Agroindustries, Australia and New Zealand, Debt sustainability analysis, Global, Government debt management, IMF headquarters, Kiribati authorities, Kiribati's economy, money market rate, Pacific Islands, private sector employment

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_Source: https://www.imf.org/en/publications/cr/issues/2024/05/09/kiribati-2024-article-iv-consultation-press-release-staff-report-and-statement-by-the-548731_