Federated States of Micronesia: 2008 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion

International Monetary Fund

No 2009/081, IMF Staff Country Reports from International Monetary Fund

Abstract: The staff report for the 2008 Article IV Consultation of the Federated States of Micronesia examines economic developments and policies. Growth could recover modestly in the near term as falling commodity prices boost real incomes and progress is made on spending unused compact infrastructure grants. The authorities have limited tools to address risks from the global slowdown. Given the urgency of fiscal consolidation, expenditures should be streamlined and preparations for the comprehensive tax reform intensified.

Keywords: ISCR; CR; FSM economy; price; growth prospect; FSM citizen; FSM authority; FSM authorities; Commercial banks; Extra-budgetary funds; Loans; Income; Global; Pacific Islands (search for similar items in EconPapers)
Pages: 40
Date: 2009-03-05
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