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Ms. Shari Boyce, Mr. Sergei Dodzin, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller


This issue of the Asia & Pacific Small States Monitor focuses on the challenges facing Asia and Pacific small states associated with natural disasters and climate change. Most tourism-oriented economies experienced a robust increase in arrivals, partly reflecting country-specific factors. Among commodity exporters (Bhutan, Solomon Islands, and Timor-Leste) and other Asia and Pacific small states, growth remains uneven: robust activity in Bhutan was driven mainly by hydropower-related construction activities; Solomon Islands experienced a continuing decline of logging stocks and a short-term disruption of gold production; and Timor-Leste’s ongoing depletion of oil reserves has led to a tighter budget constraint and lower government spending in the non-oil sector.

International Monetary Fund


This paper reports a brief description of the IMF and its activities, focusing in particular on its technical assistance activities. The report describes in detail the Japan Administered Account for Selected Fund Activities (JSA)—its objectives, size, scope and use, as well as assessments of its activities, with a focus on fiscal year 2004—and the scholarship programs that it finances. The IMF finances its technical assistance for its member countries mainly from its own budgetary resources; it also receives external financing from bilateral and multilateral partners. JSA resources can be used to cover the costs of short- and long-term technical assistance experts and those providing seminars and workshops. In addition, JSA projects in two or three countries are visited and reviewed each year by a joint Japan-IMF mission. These visits provide the Japanese authorities with a firsthand view of how JSA funding is being used in the field.