Federated States of Micronesia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia

November 1, 2021

Preview Citation

Format: Chicago

Federated States of Micronesia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia, (USA: International Monetary Fund, 2021) accessed November 16, 2024

Summary

The COVID-19 pandemic and related containment measures have put severe strains on the economy. The economic policy response has been strong and generally appropriate, helping counter the negative effects of the pandemic. Nevertheless, as the international borders remain shut, the economic contraction is likely to deepen in FY2021. A slow recovery is expected for FY2022 driven by a gradual border reopening. The FSM is facing significant medium-term uncertainty, owing to the possible expiration of grants and other assistance provided under the Compact Agreement with the United States. The FSM is also highly vulnerable to climate change-induced natural disasters.

Subject: COVID-19, External debt, Health, International organization, Monetary policy, Public debt, Public financial management (PFM), Revenue administration

Keywords: COVID-19, FSM authorities, FSM authority, FSM economy, FSM remain, Global, Island state, Pacific Islands, Policy support

Publication Details

Pages:

81
Volume:

---
DOI:

---
Issue:

---
Series:

Country Report No. 2021/237
Stock No:

1FSMEA2021002
ISBN:

9781616350932
ISSN:

1934-7685

FACTSHEETS

RESOURCES

TOPICS

Flagship Publications

Other Publications

IMF reports and publications by country

Regional Offices

All News

See Also

For Journalists

Press Center

RESOURCES

FLAGSHIPS

KEY SERIES

IMF NOTES

IMF Staff Country Reports