IMF Staff Country Reports

Vanuatu: 2024 Article IV Consultation-Press Release and Staff Report

September 3, 2024

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Format: Chicago

International Monetary Fund. Asia and Pacific Dept "Vanuatu: 2024 Article IV Consultation-Press Release and Staff Report", IMF Staff Country Reports 2024, 278 (2024), accessed September 14, 2024, https://0-doi-org.library.svsu.edu/10.5089/9798400287589.002

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Summary

As Vanuatu was recovering from the multiple natural disasters of 2023, the voluntary liquidation of Air Vanuatu in May 2024 created a major shock with significant effects on growth and business confidence. The negotiations about the future of the airline, along with developments linked to the Economic Citizenship Program (ECP) will have significant economic, social, fiscal, and financial integrity implications. Disruptions to connectivity, tourism, and services will likely affect economic activity in 2024: real GDP growth is expected to grow only by around 1 percent y/y, and the current account deficit will likely widen around 7½ percent of GDP, although there is significant uncertainty to forecasts. Ongoing vulnerabilities and exposure to other risks keep the balance of risks to the downside. Structural vulnerabilities to governance, corruption, and natural disasters remain.

Subject: Debt sustainability, Debt sustainability analysis, External debt, Public debt

Keywords: Article IV consultation mission, Australia and New Zealand, Control environment, Debt sustainability, Debt sustainability analysis, Global, Internal audit function, Pacific Islands, Recapitalization plan, Vanuatu's authorities

Publication Details

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