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Tuvalu Country Study Guide Volume 1 Strategic Information and Developments - Everything you need to know about the country - Geography, history, politics, economy, business, etc.

Tuvalu

International Monetary Fund. Asia and Pacific Dept

Published: 2016-10-13

Total Pages: 67


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Tuvalu is a fragile micro-state facing tremendous challenges from its remoteness, lack of scale economies, weak institutional capacity, and above all, climate change, which threatens the country’s very existence. Thanks to buoyant fishing licensing fees and grants, Tuvalu has accumulated fiscal buffers in recent years, but it is now incurring significant costs rebuilding after the devastating Cyclone Pam in March 2015. Looking ahead, Tuvalu faces substantial long-run costs in improving its infrastructure to mitigate the effects of climate change.
2011 Updated Reprint. Updated Annually. Tuvalu Foreign Policy and Government Guide
This report describes a risk assessment mission in Tuvalu undertaken by the EpiCentre, School of Veterinary Sciences, Massey University, and the Food and Agriculture Organization (FAO) under FAO Technical Cooperation Programme (TCP/SAP/3801). The overall aim was to evaluate the risk of introducing the African swine fever (ASF) into Tuvalu and use the findings to propose recommendations that enable professionals, communities and key stakeholders to implement prevention and mitigation measures to reduce the impacts of ASF incursion.
Swift implementation of containment measures, limited spillovers from tourism, and COVID-related fiscal spending financed by buoyant fishing revenues and donor grants have allowed Tuvalu—a fragile Pacific micro-state—avoid a recession in 2020. The economy is expected to expand by 2.5 percent in 2021, supported by fiscal expenditures and resumption of infrastructure projects. But significant challenges remain: Tuvalu is vulnerable to the effects of climate change, its economy is dominated by the public sector, and its revenue base is narrow. Uncertainty around donor commitments complicates fiscal planning.
How does a young City lawyer end up as the People's Lawyer of the fourth-smallest country in the world, 18,000 kilometres from home? We've all thought about getting off the treadmill, turning life on its head and doing something worthwhile. Philip Ells dreamed of turquoise seas, sandy beaches and palm trees, and he found these in the tiny Pacific island state of Tuvalu. But neither his Voluntary Service Overseas briefing pack nor his legal training could prepare him for what happened there. He learned to deal with rapes, murders, incest, the unforgivable crime of pig theft and to look a shark in the eye. But he never dared ask the octogenarian Tuvaluan chief why he sat immobilised by a massive rock permanently resting on his groin.Well, you wouldn't, would you? This is the story of a UK lawyer colliding with a Pacific island culture. The fallout is moving, dramatic, bewildering and often hilarious.
Recent economic developments of Tuvalu were discussed. Major construction projects to build a wharf and a power station have been completed, and seafarer employment—Tuvalu’s main foreign exchange earning source for the private sector—is weak. The Consolidated Investment Fund (CIF) available for budget financing will be depleted. Freezing wages and reducing travel costs will also be important. Improvements in the banking sector and credit culture will help to support private-sector development. Executive Directors agreed to ensure fiscal sustainability.

Tuvalu

International Monetary Fund. Asia and Pacific Dept

Published: 2023-07-21

Total Pages: 81


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The 2023 Article IV Consultation discusses that a successful vaccination strategy allowed Tuvalu to lift coronavirus disease (COVID) containment measures at the end of 2022, but the economic cost of the pandemic has been significant. Real gross domestic product growth was -4.3 percent in 2020, with at-the-border containment measures leading to delays in much-needed infrastructure projects. Growth is expected to accelerate as the lifting of COVID restrictions leads to the resumption of construction activity, shipping bottlenecks ease and the trade and hospitality sectors recover. Tuvalu is among the countries most vulnerable to the effects of climate change; its remote economy is dominated by the public sector; and its revenue base is narrow, with reliance on donor commitments further complicating fiscal planning. The economic setback due to the pandemic makes addressing these significant structural challenges more difficult. The report recommends promoting fiscal sustainability and building buffers by mobilizing revenues and rationalizing current expenditures.