Kiribati officially the Republic of Kiribati (Gilbertese: Ribaberiki Kiribati), is an island nation in the central Pacific Ocean. The nation comprises 33 atolls and reef islands and one raised coral island, Banaba. They have a total land area of 800 square kilometers (310 sq mi) and are dispersed over 3.5 million square kilometers (1,351,000 square miles). Their spread straddles the equator and the 180th meridian, although the International Date Line is indented to bring the Line Islands in the same day as the Kiribati Islands. The permanent population is just over 100,000 (2011), more than half of whom live on Tarawa Atoll.
The financial institution in Kiribati is the Development Bank of Kiribati (DBK) that is wholly government-owned and ANZ Bank (Kiribati) Limited (formerly known as Bank of Kiribati), which is the sole commercial bank in Kiribati. Insurance services are provided by another government financial institution, the Kiribati Insurance Corporation. The Kiribati Provident Fund (KPF), also government-owned, manages the assets of the pension system, about 60 percent of GDP in 2010.
|Agriculture||Coconuts, Fish, Grains|
|Manufacture||: Mining, Machinery.|
|Services (Including financial)||66.8% (2002 estimate)|
|Borita Aquatic Export||Agriculture|
|Pacific Fair Trade||Agriculture|
|Kiribati Business Services||Hardware Products|
|TECS Trading Company||Industry|
The 2008 economic crisis
The economy of Kiribati benefits from international development assistance programs. The multilateral donors providing development assistance in 2009 were the European Union (A$9 million), the United Nations Development Program (A$3.7 million), and the World Health Organisation (A$100,000). The bilateral donors providing development assistance in 2009 were Australia (A$11 million), Japan (A$2 million), New Zealand (A$6.6 million), Taiwan (A$10.6 million), and other donors providing A$16.2 million, including technical assistance grants from the Asian Development Bank.
The major donors in 2010/2011 were Australia (A$15 million), Taiwan (A$11 million); New Zealand (A$6 million), the World Bank (A$4 million), and the Asian Development Bank. Kiribati joined the Asian Development Bank (AsDB) in 1974. The ADB has provided US$27.14 million over seven project loans to Kiribati from Asian Development Fund (ADF). The AsDB has also provided technical assistance funding of US$13.9 million for 41 projects.
Australia continues as the largest donor to Kiribati and has committed to provide A $28.2 million in development assistance in 2011-12. The Australia-Kiribati Partnership for Development (signed in January 2009), provides to Australian aid to focus on improving basic education standards, developing workforce skills, and strengthening economic governance. The development assistance from Australia is allocated to: A usAID country program A $18.3 million (2011–12 est.); Regional assistance estimate A$9.9 million (2011–12 est.).
New Zealand has committed to provide NZ$14.3 million in development assistance in 2011-12, which is allocated primarily through the NZAID bilateral programme to projects related to economic development, education and developing workforce skills, and addressing vulnerabilities in Kiribati.
Kiribati became a member of the World Bank in 1986. On 1 March 2011, the World Bank announced a Country Assistance Strategy (CAS) for Kiribati, which is structured around the themes of: (i) addressing the existential threat posed by climate change; and, (ii) mitigating the effects of geographic isolation. The CAS is intended to be implemented through grants and trust fund investments of up to US$50 million during the period 2011 to 2014.
Kiribati became independent from the United Kingdom in 1979. The capital and now most populated area, South Tarawa, consists of a number of islets, connected by a series of causeways. These comprise about half the area of Tarawa Atoll. Kiribati is a member of the Commonwealth of Nations, the IMF and the World Bank, and became a full member of the United Nations in 1999.
The Kiribati Constitution, promulgated 12 July 1979, provides for free and open elections. The executive branch consists of a president (te Beretitenti), a vice-president and a cabinet (the president is also chief of the cabinet and must be an MP). The constitution requires that the president is nominated from among elected legislators, and limits the office to three four-year terms. The cabinet is composed of the president, vice-president, and 10 ministers (appointed by the president) who are members of the House of Assembly.The legislative branch is the unicameral Maneaba Ni Maungatabu (House of Assembly). It has elected members, including by constitutional mandate a representative of the Banaban people in Fiji (Banaba Island, former Ocean Island), in addition to the attorney general, who serves as an ex-officio member. Legislators serve for a four-year term.The constitutional provisions governing the administration of justice are similar to those in other former British possessions in that the judiciary is free from governmental interference. The judicial branch is made up of the High Court (in Betio) and the Court of Appeal. The president appoints the presiding judges.Local government is through island councils with elected members. Local affairs are handled in a manner similar to town meetings in colonial America. Island councils make their own estimates of revenue and expenditure and generally are free from central government controls. There are a total of 21 inhabited islands in Kiribati. Each inhabited island has its own council. Since independence, Kiribati is no longer divided into districts, see Subdivisions of Kiribati Kiribati has formal political parties but their organization is quite informal. Ad hoc opposition groups tend to coalesce around specific issues. Today the only recognizable parties are the Boutokaan te Koaua Party, Maneaban te Mauri Party, Maurin Kiribati Party, and Tabomoa Party. There is universal suffrage at age 18.Kiribati has few natural resources. Commercially viable phosphate deposits on Banaba were exhausted at the time of independence. Copra and fish now represent the bulk of production and exports. Kiribati is considered one of the least developed countries in the world.In one form or another, Kiribati gets a large portion of its income from abroad. Examples include fishing licenses, development assistance, worker remittances, and tourism. Given Kiribati's limited domestic production ability, it must import nearly all of its essential foodstuffs and manufactured items; it depends on these external sources of income for financing. The economy of Kiribati benefits from international development assistance programs. The multilateral donors providing development assistance in 2009 were the European Union (A$9 million), the United Nations Development Programme (A$3.7 million), UNICEF, and the World Health Organisation (A$100,000).The bilateral donors providing development assistance in 2009 were Australia (A$11 million), Japan (A$2 million), New Zealand(A$6.6 million), Taiwan (A$10.6 million), and other donors providing A$16.2 million, including technical assistance grants from the Asian Development Bank.The major donors in 2010/2011 were Australia (A$15 million), Taiwan (A$11 million); New Zealand (A$6 million), the World Bank (A$4 million) and the Asian Development Bank. In 1956, Kiribati established a sovereign wealth fund to act as a store of wealth for the country's earnings from phosphate mining. In 2008, the Revenue Equalization Reserve Fund was valued at US$400 million. The RERF assets declined from A$637 million (420% of GDP) in 2007 to A$570.5 million (350% of GDP) in 2009 as the result of the global financial crisis and exposure to failed Icelandic banks. In addition, draw-downs were made by the government of Kiribati to finance budgetary shortfalls during this period.In May 2011, the IMF country report assessment of the economy of Kiribati is that: “After two years of contraction, the economy recovered in the second half of 2010 and inflation pressure dissipated. It is estimated to have grown by 1.75% for the year. Despite a weather-related drop in copra production, private sector activity appears to have picked up, especially in retail. Tourist arrivals rebounded by 20% compared to 2009, although from a very low base. Despite the rise in world food and fuel prices, inflation has bounced from 2008 crisis-highs into negative territory, reflecting the strong appreciation of the Australian dollar, which is used as the domestic currency, and a decline in the world price of rice. Credit growth in the overall economy declined in 2009 as economic activity stalled. But it started to pick up in the second half of 2010 as the recovery gained traction.
The dollar is the currency of Kiribati. It is pegged at 1:1 ratio to the Australian dollar. Coins were issued in 1979 and circulate. Alongside banknotes and coins of the Australian dollar. Before independence, Australian coins were used in Kiribati (then called the Gilbert Islands) from 1966 until 1979. Previous to Australia's introduction of the dollar, the Australian pound was chiefly used throughout the islands, though Gilbert and Ellice Islands banknotes issued in the 1940s were also in use and were redeemable for Pound Sterling at face value. During the Japanese occupation of the islands during World War II, the Oceanian pound, an all banknote currency created by the Japanese Government to be a universal currency for the Pacific, was in use. The Australian pound was restored as the official national currency after the war ended. A call to issue coinage for an independent Kiribati in 1979 was made to legitimize its new political status, and although Australian banknotes would be used, the decision to issue domestic coins was widely favored and accepted. A two dollar coin was later introduced to replace the note and celebrate the nation's tenth anniversary. Australian pound Sterling banknotes were first introduced to the region in 1914 shortly before the Gilbert Islands gained status from a protectorate to a crown colony of Great Britain in 1916.
These continued to be the main source of exchange until the decimalization of 1966.In 1942, local banknotes were issued under the authority of the Gilbert and Ellice Islands Government and were locally produced with a primitive and austere design. These notes were valued on parity with sterling and issued in denominations of 1, 2, 5, and 10 shillings and 1 pound. After the wartime emergency had passed these notes were discontinued and gradually phased out.
Due to their scarcity, these notes are highly collectible. In 1966, the new Australian dollar became the new official currency of The Gilbert and Ellice islands, replacing the pound notes. Initially, only 1, 2, 5, 10 dollars were used, but 20, 50, and 100 dollars were later sent for use. This continued to be the official currency after the breakup of the joint Gilbert and Ellice colonies and following independence of the Gilberts and annexed territories as Kiribati. The 1 dollar notes circulated alongside a local coin
|National Song||"Teirake Kaini Kiribati"|
|Currency||Australian dollar (AUD)|
|GDP / GDP Rank||0.212 Billion USD|
|GDP Growth Rate||4.2 Percent|
|GDP Per Captial||$1823.321 (PPP)|
UTC+12:00 — Gilbert Islands
UTC+13:00 — Phoenix Islands
UTC+14:00 — Line Islands
< 1.0% Muslims
< 1.0% Hindus
< 1.0% Buddhists
< 1.0% Jews
2.2% Other Religions
President – Taneti Mamau
|Website||Go to the web|
|Public Debt||26.841 Percent|
|Unemployment Rate||N/A Percent|
|Labor Force (Occupation)||-|