Republic of the Marshall Islands: 2005 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of the Marshall Islands

March 8, 2006

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Republic of the Marshall Islands: 2005 Article IV Consultation—Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of the Marshall Islands, (USA: International Monetary Fund, 2006) accessed November 21, 2024

Summary

Real output growth of the Republic of the Marshall Islands appears to have slowed sharply in FY2003 and again in FY2004. The 2005 Article IV Consultation highlights that the economic activity has been hampered by delays in implementing an upgraded public works program and the closure of a large privately owned tuna processing plant. The fiscal position deteriorated in FY2004. This deterioration reflects, on the revenue side, a decline in grants aimed at infrastructure projects owing in part to delays in initiating projects, lower income tax collection, and volatility in nontax revenue.

Subject: Expenditure, External debt, Extra-budgetary funds, Public debt, Public financial management (PFM), Revenue administration

Keywords: CR, Debt situation, Extra-budgetary funds, Financial assets, Government, Government loan guarantee, IMF staff estimate, ISCR, Pacific Islands, RMI, RMI authorities, Staff

Publication Details

Pages:

45
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2006/095
Stock No:

1MHLEA2006001
ISBN:

9781451825916
ISSN:

1934-7685

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