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Region:
Oceania-Polynesia
Capital:
Funafuti (Fongafale)
Population:
11,468
(July 2004 est.)
Surface
area:
26 sq km
Currency:
Australian dollar
GDP
per capita:
purchasing power
parity - $1,100
(2000 est.)
Background:
In 1974, ethnic
differences within
the British colony
of the Gilbert
and Ellice Islands
caused the Polynesians
of the Ellice
Islands to vote
for separation
from the Micronesians
of the Gilbert
Islands. The
following year,
the Ellice Islands
became the separate
British colony
of Tuvalu. Independence
was granted in
1978. In 2000,
Tuvalu negotiated
a contract leasing
its Internet
domain name "tv"
for $50 million
in royalties
over the next
dozen years.
Economy
– Overview
Tuvalu consists
of a densely
populated, scattered
group of nine
coral atolls
with poor soil.
The country has
no known mineral
resources and
few exports.
Subsistence farming
and fishing are
the primary economic
activities. Fewer
than 1,000 tourists,
on average, visit
Tuvalu annually.
Government revenues
largely come
from the sale
of stamps and
coins and worker
remittances.
About 1,000 Tuvaluans
work in Nauru
in the phosphate
mining industry.
Nauru has begun
repatriating
Tuvaluans, however,
as phosphate
resources decline.
Substantial income
is received annually
from an international
trust fund established
in 1987 by Australia,
NZ, and the UK
and supported
also by Japan
and South Korea.
Thanks to wise
investments and
conservative
withdrawals,
this Fund has
grown from an
initial $17 million
to over $35 million
in 1999. The
US government
is also a major
revenue source
for Tuvalu, because
of payments from
a 1988 treaty
on fisheries.
In an effort
to reduce its
dependence on
foreign aid,
the government
is pursuing public
sector reforms,
including privatization
of some government
functions and
personnel cuts
of up to 7%.
In 1998, Tuvalu
began deriving
revenue from
use of its area
code for "900"
lines and in
2000, from the
lease of its
"tv"
Internet domain
name. Royalties
from these new
technology sources
could increase
substantially
over the next
decade. With
merchandise exports
only a fraction
of merchandise
imports, continued
reliance must
be placed on
fishing and telecommunications
license fees,
remittances from
overseas workers,
official transfers,
and investment
income from overseas
assets.
United
Nations membership
date:
5 September 2000
New
York Mission:
Permanent Mission
of Tuvalu To
the United Nations
800 Second Avenue,
Suite 400G
New York, N.Y.
10017 USA
Telephone: (212)
490-0534, 937-0691
Fax: (212) 808-4975,
937-0692
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