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Federated States of Micronesia : 2008 Article IV consultation : staff report : and public information notice on the Executive Board discussion.

Author: International Monetary Fund.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2009.
Series: IMF country report, no. 09/81.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
1. The FSM is a small Pacific island country highly dependent on external aid, mainly U.S. grants.1 A renewed Compact Agreement with the United States ("Compact") effective since FY20042 steadily lowers transfers to the FSM through FY2023. Thereafter, the FSM is expected to complement its domestic revenues with returns from its Compact Trust Fund and other savings. The new Compact has placed stricter rules on  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Federated States of Micronesia.
Washington, D.C. : International Monetary Fund, ©2009
(OCoLC)317879031
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: International Monetary Fund.
ISBN: 1280887729 9781280887727
OCLC Number: 443503007
Notes: Cover title.
"Under Article IV of the IMF's Articles of Agreement, the IMF holds bilateral discussions with members, usually every year"--Cover.
"March 2009."
Description: 1 online resource : illustrations.
Series Title: IMF country report, no. 09/81.

Abstract:

1. The FSM is a small Pacific island country highly dependent on external aid, mainly U.S. grants.1 A renewed Compact Agreement with the United States ("Compact") effective since FY20042 steadily lowers transfers to the FSM through FY2023. Thereafter, the FSM is expected to complement its domestic revenues with returns from its Compact Trust Fund and other savings. The new Compact has placed stricter rules on reporting, auditing, and the use of grants, which have proved difficult for the national and state governments to meet. As a result, about $100 million (34 percent of GDP) in grants have not been used, contributing to a contraction of the FSM economy in recent years.3.

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