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Business and Economics > Public Finance

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  • Type: Journal Issue x
  • Marshall Islands, Republic of the x
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Cover Technical Assistance Reports
Republic of the Marshall Islands: Technical Assistance Report-Consumption and Income Tax Reform
International Monetary Fund. Fiscal Affairs Dept.
This report provides analysis and advice on tax policy and administration reforms to modernize and improve the income and consumption tax system. On consumption taxes, the key recommendation is to replace the current system that is based on import tariffs, a business turnover tax, and local sales taxes, by a more efficient and equitable system with a broad-based value-added tax, selected excises to address externalities, and a profit tax. On income taxes, the report recommends base broadening and simplifying the rate structure.
Keywords:
Personal income tax; Corporate income tax; Value-added tax; Turnover tax; Republic of the Marshall Islands.; schedule reform option; Marshalls energy company; gross revenue; profit tax; capacity development mission; reform management governance; tax administration issue; income tax reform; administration system; Marshall Islands consumption tax; Tax administration core functions; Consumption taxes; Income and capital gains taxes; Global; Asia and Pacific; Pacific Islands
Cover Technical Assistance Reports
Republic of the Marshall Islands: Technical Assistance Report-Consumer Price Index Mission (January 15-26, 2024)
International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission was undertaken with the Economic Policy, Planning and Statistics Office (EPPSO) of the Republic of the Marshall Islands (RMI) between January 15–26, 2024. The mission assisted the EPPSO to update their consumer price index (CPI). The tasks completed included resampling the basket of goods and services and estimating new expenditure weights. The new weights are based on the results of the 2019/2020 household income and expenditure survey (HIES). An action plan for updating the CPI was developed and agreed with the authorities.
Keywords:
Consumer price index; CPI; price statistics; macroeconomic statistics; inflation; monetary policy; Republic of the Marshall Islands.; CPI basket; IMF's Statistics department; consumer price index mission; instrumentalities of the CD recipient; index series; CPI data entry workbook; Consumer price indexes; Household consumption
Cover IMF Staff Country Reports
Republic of the Marshall Islands: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of the Marshall Islands
International Monetary Fund. Asia and Pacific Dept
The 2023 Article IV Consultation discusses that the Republic of the Marshall Islands (RMI) is in the midst of a post-pandemic recovery. Real GDP declined by 4.5 percent in the fiscal year ending September 2022 due to lower fisheries production arising from the sale of a fishing vessel by a domestic operator. Growth is expected to strengthen to 3 percent over FY2023-24 as performance in the fisheries sector improves, with construction activity supported by the resumption of donor-financed projects and preparations for the 2024 Micronesian Games. Inflation is expected to moderate as commodity prices ease and supply disruptions recede. The current account surplus is expected to narrow further as coronavirus disease-related grants expire, though improved export performance is expected to lead to a narrowing of the trade deficit. The medium-term outlook is contingent on the successful renewal of the Compact of Free Association agreement with the United States. A new agreement would strengthen the RMI’s fiscal and external positions while in its absence, the fiscal and current account balances are expected to slip into deficit over the medium term. Risks are tilted to the downside, reflecting the RMI’s geographical isolation and vulnerability to climate change.
Keywords:
authorities in the Republic of Marshall Islands; government benefit; RMI article; RMI parliament's review; RMI authorities; Debt sustainability analysis; Debt sustainability; Climate change; Global; Asia and Pacific; Pacific Islands
Cover Departmental Papers
Funding the Future: Tax Revenue Mobilization in the Pacific Island Countries
Mouhamadou Sy
,
Mr. Andrew Beaumont
,
Enakshi Das
,
Mr. Georg Eysselein
,
Mr. David Kloeden
, and
Katrina R Williams
Pacific Island Countries (PICs) face daunting spending needs related to achieving the UN Sustainable Development Goals (SDGs) and adapting to the effects of climate change. Boosting tax revenues will need to be an essential pillar in creating the fiscal space to meet SDG and climate-adaptation spending needs. This paper assesses the additional tax revenue that PICs could potentially collect and discusses policy options to achieve such gains. The main objectives of the paper are to (1) review the critical medium-term development spending requirements and available financing options, (2) document the main stylized facts about tax revenues in the PICs and estimate the additional tax revenue that countries could raise, (3) highlight the main bottlenecks preventing the PICs from further increasing their tax revenue collection with an emphasis on weaknesses in VAT systems, (4) draw lessons from successful emerging and developing countries that have managed to substantially and durably increased their tax revenues, and (5) propose tax policy and revenue administration reform priorities for Pacific Island Countries to boost tax revenues. The paper’s main findings are (1) The current revenue mix is skewed toward non-tax revenues, (2) PICs could collect an additional 3 percent of tax revenue in the short to medium term, (3) Many bottlenecks are preventing the PICs from boosting their tax revenue collection, and (4) The potential offered by efficient VAT systems is not fully exploited. To increase tax revenue in the Pacific Islands, the paper proposes the following reforms: (1) unwinding recent fiscal relief measures, (2) strengthening or introducing a VAT system; (3) rationalizing tax exemptions, (4) closing loopholes in the tax system, (5) reforming tax administration, and (6) introducing a medium-term revenue strategy.
Keywords:
Domestic resource mobilization; Pacific Island Countries; Value added tax; tax policy; tax administration; tax exemptions; tax exemption; Revenue administration measure; VAT system; B. VAT potential; Revenue administration reform; Value-added tax; Tax administration core functions; Revenue mobilization; Consumption taxes; Pacific Islands; Asia and Pacific
Cover IMF Staff Country Reports
Republic of the Marshall Islands: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of the Marshall Islands
International Monetary Fund. Asia and Pacific Dept
Strong and timely containment measures have successfully prevented a domestic COVID-19 outbreak but have also weighed on economic activity. The real GDP is estimated to have contracted by 3.3 percent in FY2020 and is projected to further decline by another 1.5 percent in FY 2021 due to continued travel restrictions. Economic activity is expected to pick up in FY2022, as COVID-related restrictions will be relaxed gradually. The government is currently negotiating the renewal of Compact of Free Association (COFA) financial provisions with the United States, but terms remain uncertain. The government is considering to repeal the SOV Act and a bill on establishing a Digital Economic Zone was submitted to the Parliament recently.
Keywords:
RMI authorities; authorities in the Republic of Marshall Islands; government banking services; RMI's economy; fund CD; COVID-19; Natural disasters; Debt sustainability analysis; Pacific Islands; Global
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 Policy Papers
A Strategy for IMF Engagement on Social Spending: Background Papers
International Monetary Fund. Fiscal Affairs Dept.
,
International Monetary Fund. Strategy, Policy, &amp
, and
Review Department
This Supplement presents an account of the extensive consultations and the results of various analyses that supported the development of “A Strategy for IMF Engagement on Social Spending.”
Keywords:
PP; spending; staff report; staff; IMF staff calculation; spending issue; social spending; IMF program; Health care spending; Education spending; Personal income; Total expenditures; Global; Sub-Saharan Africa; Asia and Pacific; Europe
Cover IMF Staff Country Reports
Republic of the Marshall Islands: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of the Marshall Islands
International Monetary Fund. Asia and Pacific Dept
This 2018 Article IV Consultation highlight that growth in the Marshallese economy is estimated to have accelerated to about 3.5 percent in FY2017 (ending September 30) with a strong pick-up in fisheries and construction, with the latter owing to the resumption of infrastructure projects. Consumer prices started to rise again in mid-2017, with annual consumer price index inflation at 1.1 percent in 2017Q4. Growth is expected to remain robust at about 2.5 percent in FY2018 and about 1.5 percent over the medium term, underpinned by further increases in infrastructure spending. Inflation is expected to rise gradually to about 2 percent over the medium term.
Keywords:
ISCR; CR; FY2017; government; staff appraisal; Marshallese authorities; data release; RMI authorities; authorities in the Republic of Marshall Islands; Natural disasters; Anti-money laundering and combating the financing of terrorism (AML/CFT); Climate change; Pacific Islands; Global
Cover IMF Working Papers
Self-insurance Against Natural Disasters: The Use of Pension Funds in Pacific Island Countries
Mr. Si Guo
and
Mr. Futoshi Narita
Pacific island countries are exposed to significant risks from natural disasters. As a disaster relief measure, Fiji allowed pre-retirement pension withdrawls in the wake of Cyclone Winston in 2016. Motivated by this policy action, we provide a normative analysis of the use of early pension withdrawals after disasters, by setting up a life-cycle saving model with myopic households facing large natural disaster shocks. The model demonstrates the key trade-off between building up sufficient retirement savings and ensuring the access to savings against natural disaster shocks, and sheds light on welfare implications of early pension withdrawals.
Keywords:
WP; saving; withdrawal; pension saving; Fiji; amount; Insurance; Life-cycle model; Natural disasters; Pension; Small states; pension savings; one-off withdrawals assistance; withdrawal policy; contribution rate; pension withdrawals assistance; saving path; payment calculation; Pensions; Pension spending; Retirement; Consumption; Pacific Islands
Cover Resilience and Growth in the Small States of the Pacific
Resilience and Growth in the Small States of the Pacific
Hoe Ee Khor
,
Mr. Roger P. Kronenberg
, and
Ms. Patrizia Tumbarello

Abstract

Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address them. Regional cooperation and solutions tailored to their unique challenges, as well as further integration with the Asia and Pacific region will each play a role. With concerted efforts, Pacific island countries can boost potential growth, increase resilience, and improve the welfare of their citizens.

Keywords:
BOOK; GDP; GDP-weighted distance; financial crisis; market share; U.S. dollar; lending rate; real GDP; Natural disasters; Inflation; Income; Pacific Islands; Global; Asia and Pacific; Australia and New Zealand; Caribbean; IMF staff estimate; IMF staff calculation; business climate shortcoming; Climate change