Tonga: 2010 Article IV Consultation: Staff Report, Staff Supplement, and Public Information Notice on the Executive Board Discussion

May 13, 2010

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Format: Chicago

Tonga: 2010 Article IV Consultation: Staff Report, Staff Supplement, and Public Information Notice on the Executive Board Discussion, (USA: International Monetary Fund, 2010) accessed November 23, 2024

Summary

Tonga’s high debt and the apparent ineffectiveness of the monetary transmission mechanism constrain the authorities’ ability to support growth. In the near term, the strength of the global recovery is by no means assured, and there are multiple risks that could weaken prospects in both Europe and the United States. A further rise in world commodity and food prices would also hit Tonga hard, feeding through to inflation, growth, and the current account deficit. Tonga’s high public debt now poses a major risk to economic prospects.

Subject: Balance of payments, Bank credit, Banking, External debt, Money, Public and publicly-guaranteed external debt, Public debt, Remittances

Keywords: Australia and New Zealand, Bank credit, CR, Debt, Debt position, Fiscal policy development, Fiscal policy stance, Global, IMF sustainability framework, ISCR, Lending, Near-term policy stance, Pacific Islands, Private sector, Public and publicly-guaranteed external debt, Remittances, Restart bank lending, Tonga

Publication Details

Pages:

62
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2010/112
Stock No:

1TONEA2010001
ISBN:

9781455206384
ISSN:

1934-7685

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