Federated States of Micronesia: Staff Report for the 2004 Article IV Consultation
March 22, 2005
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The staff report for the 2004 Article IV Consultation on the Federated States of Micronesia (FSM) focuses on economic developments and policies. Fiscal and structural reforms are needed for the FSM to achieve self-sufficiency. The large government sector will be increasingly unsustainable given coming declines in grants. Fiscal adjustment will need to comprise both expenditure cuts and revenue measures. Structural reform priorities should include improvements to the legal framework for land use, foreign investment, and lending.
Subject: Current spending, Economic sectors, Expenditure, Extra-budgetary funds, Fiscal consolidation, Public financial management (PFM), Public sector, Revenue administration
Keywords: CR, Current spending, Extra-budgetary funds, FSM authorities, FSM congress, FSM economy, government, government payroll level, ISCR, Micronesia, Pacific Islands, public enterprise, public enterprise debt, Public sector, reform, regime
Pages:
43
Volume:
2005
DOI:
Issue:
104
Series:
Country Report No. 2005/104
Stock No:
1FSMEA2005002
ISBN:
9781451813791
ISSN:
1934-7685
