Cover IMF Staff Country Reports
Federated States of Micronesia: Selected Issues and Statistical Appendix
Author: International Monetary Fund
Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2005: Issue 103
Language:
English
Publication Date:
22 Mar 2005
DOI:
https://doi.org/10.5089/9781451813784.002
ISBN:
9781451813784
ISSN:
1934-7685
Pages:
54
Keywords:
ISCR; CR; government; FSM authorities; tax; VAT; tax revenue; capital expenditure; government assets; net profit; rate of return; economic growth; income tax; government output; Value-added tax; Tax administration core functions; Pacific Islands
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This Selected Issues paper on the Federated States of Micronesia (FSM) underlies economic development. Since independence, the FSM has been heavily dependent on assistance from the United States. With government expenditure of more than 60 percent of GDP, the private sector remains underdeveloped, functioning largely as a provider of services to the public sector. Under a comprehensive reform scenario, further budgetary efforts are to be taken, as well as structural reforms. Given the need for fiscal consolidation, tax reform has been the subject of discussion for a number of years, although with little progress to show.
Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund