瑙鲁共和国：2025年第四条协商新闻稿；员工报告；瑙鲁共和国候补执行主任的发言

2025ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT;STAFF STATEMENT;AND STATEMENTBY THEALTERNATEEXECUTIVE DIRECTOR FORTHEREPUBLIC OF NAURU Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussionswith members, usually every year. In the context of the2025Article IV consultation withthe Republic of Nauru, the following documents have been released and are included inthis package: •APress Releasesummarizing the views of the Executive Board as expressed during itsSeptember 17, 2025consideration of the staff report that concluded the Article IVconsultation withthe Republic of Nauru. •TheStaff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onSeptember 17, 2025, following discussions that ended onJuly11,2025with the officials ofthe Republic of Nauruon economic developments andpolicies. Based on information available at the time of these discussions, the staffreport was completed onAugust22,2025. •AnInformational Annexprepared by the IMFstaff. •AStaff Statementupdating information on recent developments. •AStatement by theAlternateExecutive Directorforthe Republic of Nauru. TheIMF’s transparency policy allows for the deletion of market-sensitive information andpremature disclosure of the authorities’ policy intentions in published staff reports andother documents. Copies of this report are available to the public from International Monetary Fund•Publication ServicesPO Box 92780•Washington, D.C. 20090Telephone: (202) 623-7430•Fax: (202) 623-7201E-mail:publications@imf.org Web:http://www.imf.org International Monetary FundWashington, D.C. IMF Executive Board Concludes2025Article IV ConsultationwiththeRepublic of Nauru FOR IMMEDIATE RELEASE Washington, DC–September22,2025:On September 17, 2025, the Executive Board of theInternational Monetary Fund (IMF)concludedthe Article IV Consultationwith theRepublic ofNauru.1 The government of Nauru has made significant strides in restoring economic stability.In recent years, the government hasworkedclosely with development partners to improveinfrastructure, ensure access to banking services, and secure multi-year donor support.Nonetheless, Nauru remains highly vulnerable to external shocks, particularly in a globalenvironment withgrowingpolicy uncertainty and potential cuts in development aid. Growthhas picked upto 2.1 percent in FY2025,mainly driven bysustained donor supportanda revival of activity in theregional processing center.Inflationremains elevated at over 6percent in FY2025 and is expected to moderate to 4.5 percent this fiscal year.Fiscal outlookhas improved over themedium term, following the Nauru-Australia Treaty concluded in late2024 and the anticipated pickup of activity in the regional processing center in coming years. Risks to the growth outlook are tilted to the downside. External risks stem from thereduced foreign grants. Inflation could be higher than expected owing to volatile commodityprices,anda resurgence of food prices from delayed shipments andescalating tradetensionsglobally. Unexpected disruptions in banking servicesarisingfrom the transition may delaypayments and dampen economic activity. Executive Board Assessment2 Executive Directors agreed with the thrust of the staff appraisal. They commended theauthorities’ efforts to restore macroeconomic stability over the last decade despite thesignificant structural challenges faced by Nauru owing to its remote location andsmall size.Directors welcomed the improved outlook supported by the anticipated pickup of the regionalprocessing center, while noting that risks are tilted to the downside, including from a potentialdecline in donor support. Against this background, they underscored the importance of fiscal and structural reforms, supported by capacity development and strong donor partnership, topromote economic diversification and sustainable growth. Directors welcomed the authorities’ commitment to fiscal prudence and noted the importanceof continued compliance with the fiscal responsibility ratios and sustained contributions to theIntergenerational Trust Fund. They concurred that fiscal policies should pivot towards restraintin the near term to build buffers and bolster resilience. Directors emphasized the need to avoidprocyclical spending and noted that containing the rise in the government wage bill, whilestrengthening social safety nets, rationalizing expenditures, and mobilizing revenues, wouldhelp contain inflationary pressures and support sustainable growth. Improvements in publicfinancial management, including in SOEs, will be crucial for managing fiscal risks. Directors welcomed the progress in transitioning to a new commercial bank and stressed theimportance of stronger coordination, oversight and contingency planning by governmentagencies to ensure uninterrupted banking services and safeguard financial stability. Theyagreed that banking sector stability could pave the way for enhanced access to credit;ho