Republic of the Marshall Islands: Staff Report for the 2013 Article IV Consultation

February 3, 2014

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Republic of the Marshall Islands: Staff Report for the 2013 Article IV Consultation, (USA: International Monetary Fund, 2014) accessed November 21, 2024

Summary

This Informational Annex highlights the Marshall Islands’ existing tax system’s inability to raise additional revenue, discouragement of private investment, and inequitability. Careful consideration needs to be given to the potential of a comprehensive tax reform program, including strengthening tax administration, for raising additional revenue while supporting the private sector. Many state-owned enterprises (SOEs) are a drain on public finances, and their unreliable or costly services undermine private sector development. To improve their performance, reforms are needed to strengthen efficiency, better delineate commercial and noncommercial services, and introduce tariff systems that better reflect cost of services. In areas where SOEs provide purely commercial services, divestment should be considered.

Subject: External debt, Fiscal policy, Fiscal stance, Public and publicly-guaranteed external debt, Public debt, Public financial management (PFM)

Keywords: Authority, CR, Debt, Deficit, Fiscal stance, Global, Government involvement, ISCR, Medium-term growth prospect, Pacific Islands, Private sector, Private sector development, Public and publicly-guaranteed external debt, RMI authorities, SOE reform bill

Publication Details

Pages:

57
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/026
Stock No:

1MHLEA2014001
ISBN:

9781616355265
ISSN:

1934-7685

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