European Parliament Library

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

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
Table Of Contents
Cover; Contents; Executive Summary; I. Introduction; Boxes; 1. Slow Implementation Under Compact II; II. Economic Background; III. Policies to Promote Sustainable Growth; A. Economic Outlook and Risks; B. Need for Fiscal Consolidation; 2. The Fiscal Problems in the State of Chuuk; 3. Activities and Management of the Compact Trust Fund; C. Improving the Business Environment; D. Strengthening the Financial Sector to Support Private Sector Growth; IV. Other Issues; V. Staff Appraisal; Tables; 1. Basic Data, FY2002-2007; 2. General Government Operations, FY2002-2007
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (42 p.)
Specific Material Designation
Form Of Item

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