Vanuatu and ADB
In the Spotlight
ADB, with the Governments of New Zealand and Vanuatu, have provided additional financing of $18.48 million, $4.65 million, and $1.607 million respectively to the Vanuatu Interisland Shipping Support Project.
Cyclone Pam’s destruction of reefs will reduce availability of fresh fish in Vanuatu. Assistance is urgently needed to quickly install so-called nearshore fish aggregating devices, an effective way of providing food for coastal communities after natural disasters
ADB is providing a $1 million emergency grant, as part of a broader $5 million assistance package to the Government of Vanuatu in the wake of Tropical Cyclone Pam.
Amid the threat of a weakening global economy dampening growth prospects in the Pacific, Vanuatu’s growth outlook of 4% for 2015 remains strong, according to ADB's Pacific Economic Monitor.
Vanuatu’s economic performance has remained strong in recent years, driven primarily by tourism, construction, and aid inflows from development partners. However, the country’s remoteness, small market size, underdeveloped institutions, and limited absorptive capacity are key constraints to implementing assistance programs. The rural economy is primarily agrarian, largely subsistence farming, aside from some copra, beef, cocoa, and kava produced for export.
ADB's country operations business plan (COBP), 2015-2017 for Vanuatu aligns with the government’s Priorities and Action Agenda, 2006-2015. The COBP addresses the development needs of Vanuatu in four core sectors: energy, transport, water and other urban infrastructure and services, and private sector development.
0.27(2014) Population in millions
2.6%(2009-2014) Average annual population growth rate
12.7%(2010) Population living below the national poverty line