Tonga: 2013 Article IV Consultation

July 25, 2013

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Tonga: 2013 Article IV Consultation, (USA: International Monetary Fund, 2013) accessed November 21, 2024

Summary

This staff report on Tonga’s 2013 Article IV Consultation discusses the economic development and policies. Banks in Tonga have been fixing their balance sheets since late 2008. Shrinking the loan books and increasing holdings of reserve assets have prompted negative macro-financial linkages, and reduced business confidence. In response, the National Reserve Bank of Tonga has aggressively infused liquidity into the system, and stepped up risk-based supervision. Progress in improving the regulatory and institutional infrastructure has also continued, including inauguration of a credit bureau. Major gains have been made in budget transparency, the establishment of a Treasury Single Account system, and better prioritization of the budget.

Subject: Banking, Debt service, Economic and financial statistics, External debt, Government finance statistics, National accounts, Public and publicly-guaranteed external debt, Public debt, Public financial management (PFM)

Keywords: Asia and Pacific, Banking system, Beginning July, CR, Fiscal year, GDP, Global, Government, Government finance statistics, Headline inflation, ISCR, Net, Pacific Islands, PFTAC input, PFTAC TA, Reform effort, Tonga

Publication Details

Pages:

61
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2013/234
Stock No:

1TONEA2013001
ISBN:

9781475537628
ISSN:

1934-7685

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