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Business and Economics > Budgeting

You are looking at 1 - 10 of 14 items for :

  • Type: Journal Issue x
  • Marshall Islands, Republic of the x
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Cover IMF Working Papers
Fiscal Buffers for Natural Disasters in Pacific Island Countries
Hidetaka Nishizawa
,
Mr. Scott Roger
, and
Huan Zhang
Pacific island countries (PICs) are vulnerable severe natural disasters, especially cyclones, inflicting large losses on their economies. In the aftermath of disasters, PIC governments face revenue losses and spending pressures to address post-disaster relief and recovery efforts. This paper estimates the effects of severe natural disasters on fiscal revenues and expenditure in PICs. These are combined with information on the frequency of large disasters to calculate the rate of budgetary savings needed to build appropriate fiscal buffers. Fiscal buffers provide self-insurance against natural disaster shocks and facilitate quick disbursement for recovery and relief efforts, and protection of spending on essential services and infrastructure. The estimates can provide a benchmark for policymakers, and should be adjusted to take into account other sources of financing, as well as budget risks from less severe as well as more frequent disasters.
Keywords:
WP; private sector; real GDP; government expenditure; Natural Disasters; Pacific Islands Countries; Fiscal Cost; Fiscal Buffers; PIC government; contingent government liability; government cash buffer; government financing source; financial support; Fiscal space; Disaster aid; Budget planning and preparation; Pacific Islands
Cover IMF Working Papers
Too Much of a Good Thing? Prudent Management of Inflows under Economic Citizenship Programs
Ms. Xin C Xu
,
Ahmed El-Ashram
, and
Judith Gold
Economic Citizenship Programs (ECPs) have recently been proliferating, with large and potentially volatile inflows of investment and fiscal revenues generating significant benefits for small economies, but also posing substantial challenges. This paper discusses recent developments and implications of such programs for fiscal discipline and the real economy, including risks to macroeconomic and financial stability, with a focus on small state economies. It discusses the prudent management of these programs, overviews strategies to minimize risks to various sectors, and addresses potential governance and integrity challenges. The paper proposes a framework for managing inflows and savings from ECPs to contain macroeconomic risks, and it recommends the establishment of a sovereign wealth fund (SWF) where such revenues are large and persistent.
Keywords:
WP; ECP inflow; central bank; country authorities; management framework; ECP country; ECP flow; ECP receipt; ECP resource; private sector; Economic Citizenship Programs; Citizenship-by-Investment; Economic Residency Programs; Immigrant Investor Programs; Golden Visa; Sovereign Wealth Fund (SWF); National Development Funds; Macroeconomic Stability; Dutch Disease; St. Kitts and Nevis; Pacific Island Countries; investment strategy; SWF investment; stabilization fund; Public investment spending; Fiscal stance; Global; Pacific Islands; Caribbean
Cover IMF Working Papers
Global and Regional Spillovers to Pacific Island Countries
Mr. Yiqun Wu
,
Ms. Patrizia Tumbarello
, and
Niamh Sheridan
Regional integration of Pacific Island countries (PICs) with Australia, New Zealand, and emerging Asia has increased over the last two decades. PICs have become more exposed to the region’s business cycles, and spillovers from regional economies are more important for PICs than from advanced economies outside the region. While strong linkages with Asia would help in the event of a global downturn, PICs remain particularly vulnerable to global commodity price shocks. In this paper, we use a Vector Error Correction Model (VECM) for each PIC to gauge the impact of global and regional growth spillovers. The analysis reveals that the impact on PICs’ growth from an adverse oil shock would be substantial, and in some cases even larger than from a negative global demand shock. We also assess the spillovers to the financial sector from the deterioration of the global outlook. PICs should continue to rebuild policy buffers and implement growth-oriented structural reforms to ensure sustained and inclusive growth.
Keywords:
WP; Pacific island country; IMF staff calculation; commodity; commodity importer; Pacific islands; spillover; downside scenarios; commodity prices; commodity exporter; commodity price; business cycle; PIC importer; Extra-budgetary funds; Spillovers; Remittances; Commercial banks; Global; Australia and New Zealand
Cover IMF Staff Country Reports
Republic of the Marshall Islands: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; U.S. dollar; interest; nominal GDP; interest income; AsDB debt servicing; fund staff estimate; time deposit; base wage; capital transfer; Income; Extra-budgetary funds; Wages; Debt service
Cover IMF Staff Country Reports
Republic of the Marshall Islands: Staff Report for the 2011 Article IV Consultation
International Monetary Fund
The economy of the Republic of the Marshall Islands has experienced a strong recovery with a 5.2 percent growth in 2010 following strong improvement in the fisheries sector and a moderate recovery in exports. The financial sector remained focused on consumer lending and contributed little to overall economic growth. Although the financial sector remained profitable, much of the rapid growth in credit has been in consumer loans. The authorities are monitoring high levels of household debt and intend to begin work on strengthening the regulatory framework.
Keywords:
ISCR; CR; consultation informational annex; consultation; air Marshall Islands; employment growth; lack; RMI authorities; private sector activity; Extra-budgetary funds; Fiscal consolidation; Income; Global; Pacific Islands
Cover IMF Staff Country Reports
Republic of the Marshall Islands: 2009 Article IV Consultation: Staff Report; a Public Information Notice; and a Statement by the Executive Director of the Republic of Marshall islands on the Executive Board Discussion.
International Monetary Fund
This 2009 Article IV Consultation highlights that the economy of the Marshall Islands is on a path to recovery. A gradual expansion with growth reaching 0.5 percent in 2010 is supported by further growth in the fish processing industry and additional foreign grant assistance. Rising prices could stoke inflation and stifle domestic demand. Executive Directors have encouraged the authorities to continue to strengthen the statistical base, especially the coverage and timeliness of fiscal and balance of payments data, in order to improve policy analysis and decision-making.
Keywords:
ISCR; CR; government; RMI authorities; policy; economy; PFTAC advisor; IMF staff estimate; policy dialogue; rising prices; private sector growth; prime objective; Income; Extra-budgetary funds; Global; Pacific Islands
Cover IMF Staff Country Reports
Republic of the Marshall Islands: Selected Issues and Statistical Appendix
International Monetary Fund
The strategy that has the best chance of allowing the Republic of Marshall Islands (RMI) to achieve fiscal sustainability after FY2023 involves substantial fiscal consolidation. The alternative (policy action) scenario involves a substantial fiscal adjustment starting in FY2009. Projections show that this strategy can succeed in achieving budgetary self-sufficiency. Fiscal consolidation will be difficult, and will have to be accompanied by structural reforms to improve real growth. Substantial fiscal consolidation in the short term is necessary to achieve budgetary self-sufficiency after 2023.
Keywords:
ISCR; CR; CTF; regime; CTF investment; CTF balance; RMI government; CTF income; CTF committee; CTF contribution; Extra-budgetary funds; Tax administration core functions; Fiscal consolidation; Fiscal sustainability; Pacific Islands; Global
Cover IMF Staff Country Reports
Republic of the Marshall Islands: 2008 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
The Republic of the Marshall Islands (RMI), scattered across an area of nearly 1 million square miles in the Central Pacific, is heavily dependent on external grants. As in past consultations, the current discussions have focused on policies to put public finances on a secure footing and improve growth prospects. Recent economic performance has been lackluster. Exports have been held back mainly by structural problems. The fiscal position has improved in FY2006, but the overall balance has been slightly negative at about ½ percent of GDP.
Keywords:
ISCR; CR; PFTAC Advisor; authority; RMI country statistics generation; RMI government; RMI authorities; IMF staff estimate; economic statistics; Extra-budgetary funds; Structural reforms; Fiscal consolidation; Current account; Pacific Islands; Global
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 Pacific Island Economies
Pacific Island Economies
Mr. Christopher Browne

Abstract

The Pacific island region has considerable potential for development, especially in the areas of tourism, fisheries, forestry, mining, and agriculture. However, these countries face many challenges to developing their economies and raising living standards, including their small size, distance from major markets, and vulnerability to natural disasters. The first half of this book provides an assessment of regional issues. The second half includes country-specific chapters, which provide an overview of each countries economic performance since independence and the main challenges ahead.

Keywords:
BOOK; government; ECCU country; island country; country; Fiji; private sector activity; remittance inflow; FSM authorities; part II; Monetary unions; Public sector; Remittances; Currencies; Pacific Islands; Caribbean; Australia and New Zealand; Global; Agroindustries