Federated States of Micronesia
Federated States of Micronesia

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 2011-02-04

Total Pages: 47

ISBN-13: 1455216631

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The economy has recovered following the stabilization of commodity and food prices. The Article IV discussions focused on policies to secure a sustained recovery and achieve long-term economic and fiscal sustainability. The recovery will likely remain weak, and the consolidated fiscal surplus is expected to decline in the near term. Long-term sustainability could be achieved through increasing the fiscal surplus. The reliability, coverage, and timeliness of economic statistics need to be improved to guide policies. The global crisis has increased the urgency of major fiscal and structural reforms.

Federated States of Micronesia: Technical Assistance Report-Government Finance Statistics Mission (October 25-November 2, 2021)
Federated States of Micronesia: Technical Assistance Report-Government Finance Statistics Mission (October 25-November 2, 2021)

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-05-20

Total Pages: 25

ISBN-13:

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A virtual technical assistance (TA) mission supported by the IMF’s Asia and Pacific Department (APD) was conducted by the IMF Statistics Department (STA) and the Pacific Financial Technical Assistance Centre (PFTAC) during October 25 – November 2, 2021. The mission assisted the Department of Resources and Development (DoRD), National Statistics Office (NSO) improving the compilation and dissemination of Government Finance statistics (GFS) and Public Sector Debt Statistics (PSDS) according to the Government Finance Statistics Manual 2014 (GFSM2014) and the Public-Sector Debt Statistics Guide 2011 (PSDSG 2011). The mission was conducted under the Data for Decisions (D4D) trust fund,1 a multi-donor initiative aimed at strengthening the quality of national statistical outputs to better support economic policy making in low-and lower-middle income countries and the PFTAC GFS capacity development project.

Federated States of Micronesia: Technical Assistance Report-Financial Soundness Indicators Mission
Federated States of Micronesia: Technical Assistance Report-Financial Soundness Indicators Mission

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-06-02

Total Pages: 33

ISBN-13: 1513573063

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The International Monetary Fund’s (IMF’s) Statistics Department (STA) provided technical assistance (TA) on financial soundness indicators (FSI) to the Federated States of Micronesia Banking Board (FSMBB) during November 2-13, 2020. The TA mission took place in response to a request from the authorities, with the support of the IMF’s Asia & Pacific Department (APD). The mission was conducted remotely via video conferences due to the COVID-19 pandemic and travel restrictions. The mission worked with the staff of the FSMBB on the development of FSIs that are in line with the IMF’s 2019 FSI Guide.1 The main objectives of the mission were to: (i) review the source data, institutional coverage and accounting and regulatory frameworks supporting the compilation of FSIs; (ii) provide guidance for mapping source data for the banking sector to the FSI reporting templates FS2 and FSD as well as areas for improvement in the metadata; (iii) agree with the FSMBB the timeline to begin regular reporting of the FSIs for deposit-takers to STA, conditional on the availability and completeness of the source data; and (iv) agree on the timeliness of data reporting.

Federated States of Micronesia
Federated States of Micronesia

Author: International Monetary Fund. Asia and Pacific Dept

Publisher: International Monetary Fund

Published: 2013-01-17

Total Pages: 48

ISBN-13: 1475571526

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The Federated States of Micronesia (FSM) is highly dependent on external aid. Following a recession in FY2006–08, the FSM economy has grown by 2–21⁄2 percent for FY2010 and FY2011. The economy remains dependent on the large public sector, although the fisheries and agriculture sectors have shown signs of growth. Despite some deterioration in current account balance, external balance also has sustained a stable flow of official transfers. However, economic growth is likely to slow in the near term owing to a decline in public sector demand.