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Business and Economics > Budgeting

You are looking at 1 - 10 of 11 items for :

  • Type: Journal Issue x
  • Micronesia, Federated States of x
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Cover IMF Staff Country Reports
Federated States of Micronesia: Technical Assistance Report-Government Finance Statistics Mission (October 25-November 2, 2021)
International Monetary Fund. Statistics Dept.
A virtual technical assistance (TA) mission supported by the IMF’s Asia and Pacific Department (APD) was conducted by the IMF Statistics Department (STA) and the Pacific Financial Technical Assistance Centre (PFTAC) during October 25 – November 2, 2021. The mission assisted the Department of Resources and Development (DoRD), National Statistics Office (NSO) improving the compilation and dissemination of Government Finance statistics (GFS) and Public Sector Debt Statistics (PSDS) according to the Government Finance Statistics Manual 2014 (GFSM2014) and the Public-Sector Debt Statistics Guide 2011 (PSDSG 2011). The mission was conducted under the Data for Decisions (D4D) trust fund,1 a multi-donor initiative aimed at strengthening the quality of national statistical outputs to better support economic policy making in low-and lower-middle income countries and the PFTAC GFS capacity development project.
Keywords:
gap analysis; statistics compilation; IMF's Statistics Department; World Bank staff; Federated States of Micronesia telecommunications cable corporation; Government finance statistics; PFM information systems; Public sector; Chart of accounts
Cover IMF Staff Country Reports
Federated States of Micronesia: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia
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.
Keywords:
FSM authority; FSM authorities; policy support; FSM economy; island state; FSM remain; COVID-19; Pacific Islands; Global
Cover IMF Staff Country Reports
Federated States of Micronesia: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Federated States of Micronesia
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with Federated States of Micronesia (FSM) highlights that the economy has performed well in recent years, with relatively high growth and low inflation. Fiscal and current account balances have recorded large surpluses since 2017, owing to the authorities’ decision to save revenue windfalls. Nonetheless, the FSM faces significant medium-term uncertainty as various economic supports under the Compact Agreement with the United States are set to expire in 2023. Unless they are renewed, the FSM is expected to lose access to Compact grants, giving rise to a fiscal cliff in 2023; banking sector oversight by the Federal Deposit Insurance Corporation; and post-disaster rehabilitation assistance. The country is highly vulnerable to climate change, while private sector activity remains anaemic. It is recommended to improve resilience to climate change by strengthening capacity to implement adaptation projects. Over the medium term, disaster risks should be mitigated by using disaster insurance and disaster-contingent foreign financing.
Keywords:
ISCR; CR; Micronesia; FSM authorities; IMF-World Bank Climate Change Policy Assessment; debt; FSM economy; FSM banking law; energy master plan; fiscal cliff; IMF quota; Extra-budgetary funds; Natural disasters; Pacific Islands; Global
Cover IMF Staff Country Reports
Federated States of Micronesia: Staff Report for the 2015 Article IV Consultation
International Monetary Fund. Asia and Pacific Dept
This 2015 Article IV Consultation highlights that Micronesia’s economy is stagnating, as externally funded infrastructure projects are moving slowly. Difficulties in the business climate, in particular those related to land tenure issues, continue to hold back private sector development. Real GDP growth of about 0.1 percent is estimated for the fiscal year 2014. The Micronesian economy is projected to grow at 0.6 percent in the medium term, while risks on the outlook are tilted to the downside. Growth in 2015 is projected to remain subdued at 0.3 percent, while consumer prices are projected to further decline to negative 1.0 percent thanks to the continued pass through of low oil prices.
Keywords:
ISCR; CR; government; FSM authorities; Micronesia; state government; Micronesian authorities; tax reform legislation; expenditure reform; government finance; Extra-budgetary funds; Agroindustries; Pacific Islands; Global; East Asia; Asia and Pacific
Cover Policy Papers
Framework Administered Account for Selected Fund Activities - Pacific Financial Technical Assistance Center (PFTAC) Subaccount
International Monetary Fund
In March 2009, the Fund established a new Framework Administered Account to administer external financial resources for selected Fund activities (the "SFA Instrument"). The financing of activities under the terms of the SFA Instrument is implemented through the establishment and operation of subaccounts under the SFA. This paper requests Executive Board approval to establish the Pacific Financial Technical Assistance Center (PFTAC) subaccount (the "Subaccount") under the terms of the SFA Instrument.
Keywords:
PP; Liberia Macro-Fiscal Subaccount; contributor; terms and conditions; finance Subaccount; terms and conditions of the Subaccount; PFTAC beneficiary; paper requests executive board approval; territories of PFTAC; ex ante concurrence; fund's involvement; contributor's resource; General government spending; Anti-money laundering and combating the financing of terrorism (AML/CFT); Tax administration core functions; Pacific Islands
Cover IMF Staff Country Reports
Federated States of Micronesia: 2008 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
The staff report for the 2008 Article IV Consultation of the Federated States of Micronesia examines economic developments and policies. Growth could recover modestly in the near term as falling commodity prices boost real incomes and progress is made on spending unused compact infrastructure grants. The authorities have limited tools to address risks from the global slowdown. Given the urgency of fiscal consolidation, expenditures should be streamlined and preparations for the comprehensive tax reform intensified.
Keywords:
ISCR; CR; FSM economy; price; growth prospect; FSM citizen; FSM authority; FSM authorities; Commercial banks; Extra-budgetary funds; Loans; Income; Global; Pacific Islands
Cover IMF Working Papers
Sovereign Wealth Funds in the Pacific Island Countries: Macro-Fiscal Linkages
Mr. Paulo A Medas
and
Mr. Eric Le Borgne
This paper looks at the role Sovereign Wealth Funds have played in the Pacific Island Countries in achieving key macro-fiscal policy objectives, namely, protecting the budget from high revenue volatility and strengthening fiscal prospects. Evidence shows that the funds' effectiveness has been hampered by lack of integration with the budget, institutional weaknesses, and inadequate controls. These factors, together with weak asset management, have sometimes led to substantial financial losses and undermined fiscal policy. Funds, if well designed, could be used as a tool to support a sound fiscal framework, but should not be seen as a substitute for fiscal reforms.
Keywords:
WP; withdrawal rule; annual budget; Tuvalu fund; cash management
Cover IMF Staff Country Reports
Federated States of Micronesia: 2006 Article IV Consultation—Staff Report; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
This 2006 Article IV Consultation highlights that real GDP in the Federated States of Micronesia grew by only 1½ percent in FY2005 and declined by nearly 1 percent in FY2006. The underlying fiscal situation has deteriorated, despite a decline in the overall deficit. Executive Directors have recommended that spending cuts and comprehensive tax reforms be phased in to secure fiscal sustainability. Priority should be given to reducing the public sector wage bill, which is large by regional standards, possibly in the context of a broad reform of the public sector.
Keywords:
ISCR; CR; government; FSM authorities; deficit; IMF staff estimate; Micronesia; public enterprise debt; Chuuk government; private sector development; Federated States of Micronesia authorities; private sector; General government balance; Extra-budgetary funds; Commercial banks; Income; Pacific Islands
Cover IMF Staff Country Reports
Federated States of Micronesia: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper examines the reasons for the poor initial performance of the Compact Trust Fund (CTF) of Micronesia and the issues related to the governance framework. The design and recent implementation of the CTF raise concerns that Micronesia will still face a difficult transition after U.S. aid ends in FY2023. The paper provides forecasts for the fund over the medium term. It also examines the business environment in Micronesia and identifies possible areas for improvement.
Keywords:
ISCR; CR; Micronesia; fund; private sector; country; business; yield; CTF funds; State regulation; fund fall; trust fund committee; private sector in the Federated States of Micronesia; Micronesian authorities; Extra-budgetary funds; Foreign direct investment; Business environment; Public sector; Personal income; 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