Federated States of Micronesia: Staff Report for the 2004 Article IV Consultation

March 22, 2005

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Federated States of Micronesia: Staff Report for the 2004 Article IV Consultation, (USA: International Monetary Fund, 2005) accessed November 23, 2024

Summary

The staff report for the 2004 Article IV Consultation on the Federated States of Micronesia (FSM) focuses on economic developments and policies. Fiscal and structural reforms are needed for the FSM to achieve self-sufficiency. The large government sector will be increasingly unsustainable given coming declines in grants. Fiscal adjustment will need to comprise both expenditure cuts and revenue measures. Structural reform priorities should include improvements to the legal framework for land use, foreign investment, and lending.

Subject: Current spending, Economic sectors, Expenditure, Extra-budgetary funds, Fiscal consolidation, Public financial management (PFM), Public sector, Revenue administration

Keywords: CR, Current spending, Extra-budgetary funds, FSM authorities, FSM congress, FSM economy, Government, Government payroll level, ISCR, Micronesia, Pacific Islands, Public enterprise, Public enterprise debt, Public sector, Reform, Regime

Publication Details

Pages:

43
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2005/104
Stock No:

1FSMEA2005002
ISBN:

9781451813791
ISSN:

1934-7685

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