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

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 104

Publication date: March 2005

ISBN: 9781451813791

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Economics- Macroeconomics , Public Finance , ISCR , CR , Micronesia , government , FSM authorities , regime , reform , FSM economy , public enterprise debt , public enterprise , FSM congress , government payroll level , Extra-budgetary funds , Public sector , Current spending , Pacific Islands

Also of interest

Peru

Grenada

Nepal

Republic of Congo : 2001 Article IV

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.