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

No 2021/096, IMF Staff Country Reports from International Monetary Fund

Abstract: 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 (search for similar items in EconPapers)
Pages: 78
Date: 2021-05-27
New Economics Papers: this item is included in nep-mac
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