Economic performance

It says the UK economy's performance in 2023 will be the worst among the 20 biggest economies, known as the G20, which includes sanctions-hit Russia.

BBC reports the IMF predicts the UK economy will shrink this year, although this is a small upgrade from its last forecast.

It also warned of a "rocky road" for the global financial system.

It follows the collapse of two US banks last month, closely followed by a rushed takeover of Swiss banking giant Credit Suisse by its rival UBS, which sparked fears of another financial crisis.

According to the National Reserve Bank of Tonga, proceeds for marine exports also declined by $0.5 million over the month whilst proceeds for agricultural exports rose by $0.1 million.

Over the year to April, the volume of agricultural exports surpassed the volume of the previous year by 3902.6 tonnes reflecting a much better harvesting season.

The central bank said damages from TC Harold may cause further delays to construction projects, while lending continues to decline.

The utility sector also faced some disruptions in distribution from the cyclone.