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Cover IMF Staff Country Reports
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
International Monetary Fund
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.
Keywords:
ISCR; CR; government; RMI authorities; government loan guarantee; staff; RMI; debt situation; financial assets; IMF staff estimate; Extra-budgetary funds; Pacific Islands
Cover IMF Staff Country Reports
Federated States of Micronesia: Staff Report for the 2004 Article IV Consultation
International Monetary Fund
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.
Keywords:
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