Federated States of Micronesia: 2006 Article IV Consultation—Staff Report; and Public Information Notice on the Executive Board Discussion

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 106

Publication date: March 2007

ISBN: 9781451813814

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , 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

Also of interest

Peru

Grenada

Nepal

Republic of Congo : 2001 Article IV

Summary

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.