{
  "title": "Tonga: 2025 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, November 10, 2025",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2025/11/07/tonga-2025-article-iv-consultation-press-release-and-staff-report-571692",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2025/11/07/tonga-2025-article-iv-consultation-press-release-and-staff-report-571692",
  "overlayPath": "/en/publications/cr/issues/2025/11/07/tonga-2025-article-iv-consultation-press-release-and-staff-report-571692/index.md",
  "summary": "Tonga’s economy is expanding steadily, driven by stronger-than-expected grant inflows, elevated remittances, a rebound in tourism, and fiscal support for the reconstruction.",
  "publishDate": "2025-11-10",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Economic outlook and drivers",
      "content": "- Tonga’s economy is expanding steadily.\n- Expansion is driven by:\n  - stronger-than-expected grant inflows,\n  - elevated remittances,\n  - a rebound in tourism,\n  - fiscal support for the reconstruction."
    },
    {
      "heading": "Inflation dynamics",
      "content": "- Headline inflation has declined below the reference rate, driven by lower food and energy prices.\n- Core inflation has picked up, reflecting stronger domestic demand."
    },
    {
      "heading": "Financial sector and risks",
      "content": "- Risks in the banking sector remain contained but have increased and require continued vigilance."
    },
    {
      "heading": "Structural challenges and long-term outlook",
      "content": "- Tonga faces significant structural challenges including:\n  - geographic remoteness,\n  - a small and dispersed population,\n  - high vulnerability to natural disasters.\n- Persistent vulnerability discourages investment and incentivizes emigration, weighing on long-term growth prospects.\n- Addressing these challenges requires policies and reforms to enhance resilience and growth potential, particularly in a global environment marred by heightened policy uncertainty."
    },
    {
      "heading": "Publication metadata and subjects",
      "content": "- Subject: Debt sustainability, Debt sustainability analysis, External debt, Public debt\n- Keywords: currency of Tonga, Debt sustainability, Debt sustainability analysis, exchange rate arrangement, fund holding, Global, Imf executive board, intervention currency, National reserve bank, Pacific Islands, safeguards assessment of the Nrbt\n- Pages: 92\n- Volume: 2025\n- DOI: https://doi.org/10.5089/9798229030694.002\n- Issue: 293\n- Series: Country Report No. 2025/293\n- Stock No: 1TONEA2025001\n- ISBN: 9798229030694\n- ISSN: 1934-7685\n\nTonga: 2025 Article IV Consultation-Press Release; and Staff Report — IMF Staff Country Reports (November 10, 2025).\n\n---\n\n Content in this bundle\n\n- 1tonea2025001-source-pdf\n  - 1tonea2025001-source-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1tonea2025001-source-pdf (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2025/11/07/tonga-2025-article-iv-consultation-press-release-and-staff-report-571692"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2025/11/07/tonga-2025-article-iv-consultation-press-release-and-staff-report-571692/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2025/11/07/tonga-2025-article-iv-consultation-press-release-and-staff-report-571692/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2025/11/07/tonga-2025-article-iv-consultation-press-release-and-staff-report-571692/bundle-manifest.json)",
    "Published: November 10, 2025",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798229030694.002",
    "Tonga’s economy is expanding steadily.",
    "Expansion is driven by:",
    "Headline inflation has declined below the reference rate, driven by lower food and energy prices.",
    "Core inflation has picked up, reflecting stronger domestic demand.",
    "Risks in the banking sector remain contained but have increased and require continued vigilance.",
    "Tonga faces significant structural challenges including:",
    "Persistent vulnerability discourages investment and incentivizes emigration, weighing on long-term growth prospects.",
    "Addressing these challenges requires policies and reforms to enhance resilience and growth potential, particularly in a global environment marred by heightened policy uncertainty.",
    "Subject: Debt sustainability, Debt sustainability analysis, External debt, Public debt",
    "Keywords: currency of Tonga, Debt sustainability, Debt sustainability analysis, exchange rate arrangement, fund holding, Global, Imf executive board, intervention currency, National reserve bank, Pacific Islands, safeguards assessment of the Nrbt",
    "Pages: 92",
    "Volume: 2025",
    "DOI: https://doi.org/10.5089/9798229030694.002",
    "Issue: 293",
    "Series: Country Report No. 2025/293",
    "Stock No: 1TONEA2025001",
    "ISBN: 9798229030694",
    "ISSN: 1934-7685",
    "**1tonea2025001-source-pdf**"
  ],
  "related": [
    {
      "title": "1tonea2025001-source-pdf",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2025/english/1tonea2025001-source-pdf.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2025/english/1tonea2025001-source-pdf.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2025/english/1tonea2025001-source-pdf.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2025/11/07/tonga-2025-article-iv-consultation-press-release-and-staff-report-571692/index.md",
    "json": "/en/publications/cr/issues/2025/11/07/tonga-2025-article-iv-consultation-press-release-and-staff-report-571692/index.json",
    "bundleManifest": "/en/publications/cr/issues/2025/11/07/tonga-2025-article-iv-consultation-press-release-and-staff-report-571692/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-23T14:43:14.761Z"
}