Tonga: 2009 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Tonga

September 22, 2009

Preview Citation

Format: Chicago

Tonga: 2009 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Tonga, (USA: International Monetary Fund, 2009) accessed November 21, 2024

Summary

Tonga’s growth is likely to be low in the near term as remittances remain constrained by global economic conditions. The staff report for Tonga’s 2009 Article IV Consultation highlights economic developments and policies. The reconstruction of the central business district and increased subsistence agriculture are likely to cushion the downward pressures. Risks are, however, tilted to the downside, mainly owing to increasing unemployment in remittance-sending economies and rising oil prices. The drawdown of the large reconstruction loan will lead to high risk debt levels over the medium term.

Subject: Balance of payments, Exchange rates, External debt, Financial institutions, Foreign exchange, Loans, Public debt, Remittances

Keywords: Ability of borrower, Agreement, Australia and New Zealand, CR, Donor disbursement, Exchange rates, Excl. reconstruction loan, Global, ISCR, Loan, Loan-financed reconstruction, Loans, Pacific Islands, Remittances, Staff appraisal, Staff representative

Publication Details

Pages:

68
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2009/292
Stock No:

1TONEA2009001
ISBN:

9781451837513
ISSN:

1934-7685

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