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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: 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
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 Nauru: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Nauru
International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation with Republic of Nauru highlights that it remains vulnerable to climate change and has a narrow economic base and limited capacity. Development challenges are increased by unavailability of land and high incidence of noncommunicable diseases. Growth was stronger than expected in FY2018 but slowed in FY2019. The outlook is subdued, with growth expected to reach 2 percent in the medium term. Revenues are projected to decline, necessitating a fiscal adjustment. Risks are skewed to the downside and include the scaling down of Regional Processing Centre activity and revenues, volatile fishing revenues, climate change, and delays in fiscal and structural reforms. Fiscal adjustment is required to avoid a breach of the fiscal anchor, contain debt, and maintain the Trust Fund contributions. New sources of economic growth and income are needed to support Nauru’s development agenda. Policies should be implemented in the near term to support private sector activity, including through financial sector development, state-owned enterprises reform, and land rehabilitation. The effectiveness of education and health spending needs to be improved to meet development goals.
Keywords:
ISCR; CR; Nauru; windfall revenue; PFTAC TA; revenue gain; authority; GFS reporting; development agenda; staff advice; Extra-budgetary funds; Budget planning and preparation; Government cash forecasting; Pacific Islands; Global
Cover IMF Staff Country Reports
Republic of the Marshall Islands: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper outlines economic developments in the Republic of the Marshall Islands (RMI) since independence in 1986, focusing on the challenges posed by dependence on foreign grants, and progress toward achieving budgetary self-reliance. Like most other Pacific islands, the RMI faces a variety of geographical constraints, including limited land area, poor soil, the dispersion of the islands, and the remoteness from major markets. The public sector plays a dominant role in the economy, backed by external assistance. The private economy remains underdeveloped, primarily providing services to the government.
Keywords:
ISCR; CR; government; RMI authorities; RMI government employee; rate of return; Tongan government; trust fund; trade regime in the RMI; investment strategy; Extra-budgetary funds; Wages; Income; Pacific Islands
Cover IMF Staff Country Reports
Republic of Nauru: 2017 Article IV Consultation- Press Release; Staff Report; and Statement by the Executive Director for the Republic of Nauru
International Monetary Fund. Asia and Pacific Dept
This 2017 Article IV Consultation highlights Nauru’s growth and a substantial improvement in government revenue in recent years thanks to processing of asylum seekers by the Australian Regional Processing Center (RPC), fishing license fees, and residual phosphate mining. In the near term, GDP growth is projected to be moderate at 4 percent in fiscal year 2017 (ending June 30) mainly due to a slowdown in phosphate exports and limited expansion of the RPC. The medium-term outlook is vulnerable to scaling down of the RPC following the expected transfer of refugees to other countries, which will produce a substantial decline in RPC revenue.
Keywords:
ISCR; CR; Nauru; authority; government debt indicator; Nauruan authorities; policy; climate strategy; Nauru authorities; appreciation to the fund; phosphate mining; Extra-budgetary funds; Climate change; Budget planning and preparation; Fiscal sustainability; Pacific Islands; Global
Cover IMF Staff Country Reports
Federated States of Micronesia: Staff Report for the 2002 Article IV Consultation
International Monetary Fund
This 2002 Article IV Consultation highlights that the economic activity in the Federated States of Micronesia (FSM) is estimated to have slowed. Despite the use of the bump-up funds by some of the FSM’s four state governments to boost spending during FY2002, GDP is estimated to have grown only by 0.8 percent. The fiscal stimulus appears to have been mostly offset by an emerging fiscal crisis in Chuuk and a “wait and see” attitude of the private sector in the face of uncertainty associated with the new Compact of Free Association.
Keywords:
ISCR; CR; government; FSM authorities; Micronesia; private sector activity; FSM; FSM authority; island economy; Chuuk state accounting; state arrears; public enterprise debt; Public sector; Fiscal consolidation; Wages; Pacific Islands
Cover IMF Staff Country Reports
Federated States of Micronesia: Selected Issues and Statistical Appendix
International Monetary Fund
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.
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
Cover IMF Staff Country Reports
Federated States of Micronesia: Selected Issues and Statistical Appendix
International Monetary Fund

residents who suffered from U.S. nuclear testing between 1946-58. While the fund was intended to last in perpetuity, the fund fell by 15 percent in value during the 1987 stock market and never recovered, in part because of large payments to the victims of testing. The current fund balance is only around $5 million. 5. The agreement governing the trust fund places oversight in the hands of a Joint Trust Fund Committee (JTFC). The committee is comprised of three members from the United States and two from Micronesia. 3 The initial responsibilities included hiring

Keywords:
ISCR; CR; Micronesia; fund; private sector; country; business; yield; Trust fund operations; fund's operation; FSM SSA; nominal value; net return; Return on investment; Stocks; Budget planning and preparation
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

earnings from the Trust Fund will be enough to replace Compact grants. To strengthen the fund, the mission recommended to: Delink the Trust Fund Committee (TFC) from the committee implementing the Compact . Trust Fund operations are different from the rest of the Compact, and effective oversight requires that the TFC be staffed with professionals with financial expertise. Elevate the status of the Trust Fund Committee by including the Secretary of Finance and Administration . The appointment of the Secretary would help highlight the Trust Fund’s importance for the

Keywords:
ISCR; CR; government; FSM authorities; deficit; IMF staff estimate; Micronesia; U.S. dollar; fiscal policy; FSM authority; FSM Development Bank; exchange rate; Extra-budgetary funds; Pacific Islands; public enterprise debt