图瓦卢：2025年第四条协商新闻稿；员工报告；图瓦卢执行主任的发言

2025ARTICLE IV CONSULTATION—PRESS RELEASE;STAFF REPORT;AND STATEMENT BY THEALTERNATEEXECUTIVE DIRECTORSFORTUVALU 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 withTuvalu, the following documents have been released and are included in this package: •APress Releasesummarizing the views of the Executive Board as expressed during itsSeptember 3,2025consideration of the staff report that concluded the Article IVconsultation withTuvalu. •The Staff Reportprepared by a staff team of the IMF for the Executive Board’sconsideration onSeptember 3, 2025, following discussions that ended onMay 27,2025,with the officials ofTuvaluon economic developments and policies. Based oninformation available at the time of these discussions, the staff report was completedon July31,2025. •AnInformational Annexprepared by the IMFstaff. •ADebt Sustainability Analysisprepared by thestaffs of theIMFand the World Bank. •AStatement by theAlternateExecutive DirectorsforTuvalu. 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.orgPrice: $18.00per printed copy International Monetary FundWashington, D.C. IMF Executive Board Concludes 2025 Article IV Consultation withTuvalu FOR IMMEDIATE RELEASE •Tuvalu’s economic recovery is expected to continue, with GDP growth projected at 3 percent in2025 and 2.6 percent in 2026, supported byexternally-financed infrastructure projects and publicspending. •The economy continues to face significant structural challenges and downside risks, reflecting itseconomic and environmental fragility and heightened global uncertainty. •Policies should focus on maintaining economic and financial stability, building resilience againstshocks, and addressing structural challenges for sustainable growth. Washington, DC–September12,2025:The Executive Board of the International Monetary Fund(IMF)completed the Article IV Consultation for Tuvalu on September 3rd, 2025.1 Tuvalu’s economy is recovering from the COVID-19 pandemic.Following asharpcontractionduring2020-22, real GDP grew by 4 percent in 2023 and 3.1 percent in 2024, driven by continuedeffects of reopening on domestic activities and major infrastructure projects including coastaladaptation, maritime transportation, and renewable energy. Both fiscal andexternal balances remainvolatilereflecting Tuvalu’s heavy reliance onfishing license fees and grants.Inflation has easedsignificantlyfrom its pandemic peak of 14 percent in 2022Q3 to 1.2 percent in 2024, in line withglobal commodity prices andeasing of shipping bottlenecks. The economic recovery is expected to continue, but growth is projected to moderategraduallyover the medium term.The economy is projected to grow by 3 percent and 2.6 percent in 2025 and2026, respectively, supported by the construction of the new phase of Tuvalu Coastal AdaptationProject and an increase in public investment.Over the medium term,growth is projected tomoderategradually tobelow2 percent,reflectingsluggish productivitygrowth,increasingemigration,andvulnerability toclimate events.Despite the limited direct impact ofrecent tradetensions, downside risks to the economic outlook stemming from heightened global uncertaintyhave increased. Executive Board Assessment2 ExecutiveDirectors welcomed Tuvalu’s ongoing recovery from the COVID-19 pandemic. Directorsnoted, however, that Tuvalu continues to face increased downside risks and significant structuralchallenges stemming from its remoteness, high dependence on external revenue and grants, risingemigration, and vulnerability to climate change. They emphasized the need to enhance fiscalsustainability and implement reforms to address bottlenecks, strengthen resilience, and boostgrowth potential. Capacity development and closeengagement with the Fund and developmentpartners remain essential. Directors highlighted the need for a multi-pronged fiscal strategy to reduce the deficit and ensureadequate buffers, while addressing development priorities. Noting Tuvalu’s high spending pressuresand volatile fiscal revenue, Directors underscored the need to mobilize revenues, rationalizeexpenditure, and reprioritize resources. They also encouraged the authorities to further improvepublic financial management to reduce volatility and risks related to the fiscal accounts. Directors emphasized the importance of establishing an effective regulatory and supervisoryframework and enhancing financial inclusion. They welcomed the authorities’ efforts to improveTuvalu’sconnectivity to the global payment system, i