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Asia and Pacific > Marshall Islands, Republic of the

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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, &, 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 Staff Country Reports
Republic of the Marshall Islands: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper discusses correspondent banking relationships (CBRs) pressures on the Republic of the Marshall Island (RMI). RMI’s two banks currently have access to the US financial system. The Bank of the Marshall Islands is a domestic financial institution providing banking services to a substantial portion of the population and operates five branches throughout RMI, including on the Kwajalein Atoll. RMI, through the Trust Company of the Marshall Islands, provides offshore corporate and maritime registry services. Weak implementation of the anti-money laundering and combating the financing of terrorism (AML/CFT) framework by the authorities contributes to CBR pressures in RMI. The termination of BOMI’s CBR with First Hawaiian Bank would be expected to have significant negative economic repercussions without alternative arrangements. The RMI authorities are strengthening the effectiveness of the AML/CFT framework. Additional steps should be taken to further lower the risk of losing the last US dollar CBR. Once the national risk assessment is completed, an action plan should be developed to address the identified risks.
Keywords:
ISCR; CR; RMI authorities; RMI authority; SOV issuance; CFT measure; SOV supply; SOV volatility; RMI exchange; BNP Paribas; due diligence; RMI registry; RMI parliament; RMI resident; SOV unit; dollarized economy; Virtual currencies; Anti-money laundering and combating the financing of terrorism (AML/CFT); Currencies; Correspondent banking; Blockchain and DLT; 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