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Vanuatu Islands Real Estate





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About Vanuatu

Vanuatu Population: 202,609 (July 2004 est.)

Languages: English, French, pidgin (known as Bislama or Bichelama), plus more than 100 local languages

Capital: Port-Vila (Efate)

Government Type: Parliamentary republic.

Independence Day: 30 July 1980 (from France and UK)

Legal System: Unified system being created from former dual French and British systems.

Currency: vatu (VUV)

Executive Branch:

Chief of State: President Kalkot Matas KELEKELE (since 16 August 2004).

Head of Government: Prime Minister Serge VOHOR (since 29 July 2004); Deputy Prime Minister Ham LINI (since 18 August 2004).

American Embassy: None

Mailing Address: None

Telephone: None

General Overview: The British and French, who settled the New Hebrides in the 19th century, agreed in 1906 to an Anglo-French Condominium, which administered the islands until independence in 1980.

Economic Overview: This South Pacific island economy is based primarily on small-scale agriculture, which provides a living for 65% of the population. Fishing, offshore financial services, and tourism, with about 50,000 visitors in 1997, are other mainstays of the economy. Mineral deposits are negligible; the country has no known petroleum deposits. A small light industry sector caters to the local market. Tax revenues come mainly from import duties. Economic development is hindered by dependence on relatively few commodity exports, vulnerability to natural disasters, and long distances from main markets and between constituent islands. A severe earthquake in November 1999 followed by a tsunami, caused extensive damage to the northern island of Pentecote and left thousands homeless. Another powerful earthquake in January 2002 caused extensive damage in the capital, Port-Vila, and surrounding areas, and also was followed by a tsunami. GDP growth rose less than 3% on average in the 1990s. In response to foreign concerns, the government has promised to tighten regulation of its offshore financial center. In mid-2002 the government stepped up efforts to boost tourism. Agriculture, especially livestock farming, is a second target for growth. Australia and New Zealand are the main suppliers of tourists and foreign aid. Growth expanded moderately in 2003.

International Disputes: Matthew and Hunter Islands east of New Caledonia claimed by Vanuatu and France.



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