2017 Recurrent Budget Overview

The 2017 Recurrent Budget, prepared by the Ministry of Finance and Economic Development (MFED), outlines the Government of Kiribati's financial plan for sustaining essential public services and administrative operations throughout the fiscal year. Developed amid efforts to strengthen fiscal discipline and promote sustainable economic growth, the budget emphasizes prudent fiscal management while addressing emerging economic challenges.

Key Highlights:

• Fiscal Surplus: The budget achieved a recurrent fiscal surplus of 3.5% of GDP, marking the fifth consecutive year of surplus, primarily due to robust fishing license revenues.
• Public Financial Management Reforms: Continued efforts were made to enhance the governance of the Revenue Equalization Reserve Fund (RERF), improve debt monitoring, and strengthen the management of public finances.
• Economic Growth: Real GDP growth was projected at approximately 3% for 2017, driven by construction and wholesale and retail trade sectors.
• Development Initiatives: The budget supported initiatives aimed at improving access to telecommunications and electricity, particularly in the outer islands, as part of broader efforts to boost inclusive economic growth.

For a detailed breakdown of allocations and expenditures, please refer to the full 2017 National Budget document available below