Federated States of Micronesia: Staff Report for the 2002 Article IV Consultation

February 10, 2003

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Federated States of Micronesia: Staff Report for the 2002 Article IV Consultation, (USA: International Monetary Fund, 2003) accessed November 16, 2024

Summary

This 2002 Article IV Consultation highlights that the economic activity in the Federated States of Micronesia (FSM) is estimated to have slowed. Despite the use of the bump-up funds by some of the FSM’s four state governments to boost spending during FY2002, GDP is estimated to have grown only by 0.8 percent. The fiscal stimulus appears to have been mostly offset by an emerging fiscal crisis in Chuuk and a “wait and see” attitude of the private sector in the face of uncertainty associated with the new Compact of Free Association.

Subject: Economic sectors, Expenditure, Fiscal consolidation, Fiscal policy, Labor, Public sector, Revenue administration, Wages

Keywords: Chuuk state accounting, CR, Fiscal consolidation, FSM, FSM authorities, FSM authority, Government, ISCR, Island economy, Micronesia, Pacific Islands, Private sector activity, Public enterprise debt, Public sector, State arrears, Wages

Publication Details

Pages:

50
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2003/023
Stock No:

1FSMEA0012003
ISBN:

9781451813777
ISSN:

1934-7685

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