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

International Monetary Fund

No 2024/103, IMF Staff Country Reports from International Monetary Fund

Abstract: The 2024 Article IV Consultation with Kiribati discusses that 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, and cementing its reliance on imports, especially for essential commodities such as food and fuel. IMF team recommended initiating an ambitious fiscal consolidation effort through scaling back recurrent spending and strengthening the fiscal policy framework. It is also 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, and strengthen institutions and governance. Additionally, it is required to continue capacity development to produce high-quality statistics in a timely manner to support data-driven policy formulation.

Keywords: Kiribati authorities; private sector employment; IMF headquarters; Kiribati's economy; money market rate; Debt sustainability analysis; Agroindustries; Government debt management; Global; Australia and New Zealand; Pacific Islands (search for similar items in EconPapers)
Pages: 85
Date: 2024-05-10
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