Six Pacific countries are at a high risk of debt distress in part due to government spending to respond to the COVID-19 crisis, the World Bank said in a report on Thursday.
The report, titled Raising Pasifika, said fiscal consolidation was needed in Kiribati, Republic of the Marshall Islands, Federated States of Micronesia, Samoa, Tonga and Tuvalu because these countries lack domestic debt markets and access to international capital markets.
"While public debt levels as a share of GDP remain modest across most of the region, the PIC9’s economic geography and volatile revenue bases mean debt distress risks remain elevated," it said. The report said continued access to grants in line with pre-pandemic trends is also essential to find capital investment projects for sustainable development and climate resilience.
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