Vanuatu: 2021 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Vanuatu

2021 Article IV Consultation -Press Release; Staff Report; and Statement by the Executive Director for Vanuatu

Volume/Issue: Volume 2021 Issue 208

Publication date: September 2021

ISBN: 9781513597317

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Natural Disasters , Vanuatu economy , Vanuatu authorities , authorities in Vanuatu , liability positions vis-à-vis nonresident , money market rate , Natural disasters , Anti-money laundering and combating the financing of terrorism (AML/CFT) , External sector statistics , Pacific Islands , Global

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Summary

Border closures and other pandemic containment measures have kept Vanuatu free from COVID-19. However, they have dealt a heavy blow to economic activity as tourism has come to a virtual halt. On top of the pandemic, Tropical Cyclone Harold and a volcanic eruption in Tanna Island caused extensive economic damage in 2020. In the context of a continued loss of correspondent banking relationships (CBRs) in the Pacific, Vanuatu also lost a key CBR at end-June 2021. Air Vanuatu, one of the state-owned enterprises (SOEs), is in the process of being restructured.