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International Monetary Fund. Asia and Pacific Dept

1. The Federated States of Micronesia (FSM) economy entered the COVID-19 pandemic on a relatively strong footing. Growth in recent years (1.9 percent during FY2015-FY2019) exceeded the long-term average (-0.6 percent during FY2004-FY2014). Employment and income growth were buoyant. Inflation remained subdued, owing to low energy and food prices. Fiscal and external balances recorded large surpluses, amid significant revenue windfalls from foreign investment companies domiciled in the FSM.

International Monetary Fund. Asia and Pacific Dept

IMF Country Report No. 21/237

International Monetary Fund. Asia and Pacific Dept
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.
International Monetary Fund. Asia and Pacific Dept

Our FSM authorities are greatly appreciative of the very productive discussions with the mission team during the virtual Article IV consultations. The authorities highly value staffs analytical work and contributions to practical policy discussions and overall agree with the thrust of the 2021 Article IV Report.

International Monetary Fund. Statistics Dept.
International Monetary Fund. Statistics Dept.

The International Monetary Fund’s (IMF’s) Statistics Department (STA) provided technical assistance (TA) on financial soundness indicators (FSI) to the Federated States of Micronesia Banking Board (FSMBB) during November 2-13, 2020. The TA mission took place in response to a request from the authorities, with the support of the IMF’s Asia & Pacific Department (APD). The mission was conducted remotely via video conferences due to the COVID-19 pandemic and travel restrictions. The mission worked with the staff of the FSMBB on the development of FSIs that are in line with the IMF’s 2019 FSI Guide.1 The main objectives of the mission were to: (i) review the source data, institutional coverage and accounting and regulatory frameworks supporting the compilation of FSIs; (ii) provide guidance for mapping source data for the banking sector to the FSI reporting templates FS2 and FSD as well as areas for improvement in the metadata; (iii) agree with the FSMBB the timeline to begin regular reporting of the FSIs for deposit-takers to STA, conditional on the availability and completeness of the source data; and (iv) agree on the timeliness of data reporting.

International Monetary Fund. Statistics Dept.