ECONOMICS AND FISCAL INDICATOR FACTSHEET
October 2024 Update
KEY INDICATORS
Current account balance: Vt -3.078bn (Q1 2024), Annual CPI inflation: 5.3 % (Q1 2024), Recurrent revenue: VT 25.66bn 54.1% of target (YTD Aug 2024), Recurrent expense: VT 27.85bn 74.4% of target (YTD Aug 2024)
Economic Factsheet by Year: Click on tabs below
MEC PRESS RELEASE
The Macroeconomic Committee (MEC) is officially responsible for periodically discussing and approving Gross Domestic Product (GDP) estimates for historical years, and forecasts for the current fiscal year, the budget year, and the medium term2. As part of this, the committee is also responsible for discussing critical economic issues and making policy recommendations on how best the Government can address them. Among others, the main purpose of having GDP forecasts is for the output to be used in determining Government revenue projections for the budget year and the medium term. Most importantly, the GDP forecasts approved by the MEC will be the official GDP forecasts for Vanuatu. As necessary, policy issues discussed at the MEC meetings will be used as guidance to the Ministerial Budget Committee (MBC) meetings in the budget preparation process.
MEC PRESS RELEASE by Year: Click on tabs below
Department of Finance and Treasury launches new Debt Unit - 2015
The Ministry of Finance and Economic Management has just established a Debt unit. This will undoubtedly continue with the strengthening debt management in Vanuatu. With approval from the Public Servants Commission (PSC), the new unit was formally established in October 2014. The new debt unit has been very busy in the last quarter in getting ready for a fully functioning office for the New Year, 2015.
October, November and December were eventful months for the Department of Finance and Treasury. For the new Debt Unit it was essential for a debt recording management system to be set up and training completed. Thus staff from Finance and the Reserve Bank were busy over a 1 week period in training run by the Common Wealth Secretariat for a new debt recording system. They assisted in installing the upgraded version of CS-DRMS (Debt Management and Reporting System), training and updating our data records up to date. Also, the new unit had visits from helpful debt management experts from the World Bank debt team to undertake the first Debt Management Performance Assessment for Vanuatu (DeMPA). This DeMPA first draft report will be ready early February.
Finance and Treasury is very grateful for its development partners and consultants who assisted greatly in setting the new unit during the busy last quarter of 2014. The Debt Unit will also have new officers in place soon as applicants for vacant are currently now being short listed for interviews.
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