International Monetary Fund. Secretary's Department
I join you, Mr. Chairman, in expressing sincere thanks to the Governor for the United States for his cordial welcome to our deliberations and for his kind personal words to me. I am delighted to hear that the President will be addressing us this afternoon. I wish also to extend a welcome to the Governors for Maldives, Suriname, and the Solomon Islands, which have become members since last we met. In addition, I would like to express my satisfaction with the fact that an Executive Director from Saudi Arabia—a member which has contributed substantially to Fund financing—will shortly join the Executive Board of the Fund.
Ms. Shari Boyce, Mr. Sergei Dodzin, Mr. Xuefei Bai, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller
Context: The Republic of the Marshall Islands (RMI) is going through a period of output fluctuations. The economy expanded in FY2012 by 3.2 percent, supported by export growth, but in FY2013 is estimated to have slowed to 0.8 percent due to the postponement of infrastructure projects. A fiscal deficit of 0.8 percent of GDP was recorded in FY2012 and another deficit of similar magnitude is estimated for FY2013.