Federated States of Micronesia: Selected Issues and Statistical Appendix

March 22, 2005

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Federated States of Micronesia: Selected Issues and Statistical Appendix, (USA: International Monetary Fund, 2005) accessed September 19, 2024

Summary

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.

Subject: Expenditure, Fiscal policy, Revenue administration, Tax administration core functions, Taxes, Value-added tax

Keywords: Capital expenditure, CR, Economic growth, FSM authorities, Government, Government assets, Government output, Income tax, ISCR, Net profit, Pacific Islands, Rate of return, Tax, Tax administration core functions, Tax revenue, Value-added tax, VAT

Publication Details

Pages:

54
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2005/103
Stock No:

1FSMEA2005001
ISBN:

9781451813784
ISSN:

1934-7685

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