The lower cost of food and fuel imports is also expected to affect
current account balances across the North Pacific. The resulting savings,
together with a sharp increase in grants, are seen to narro...
w the RMI’s
current account deficit from 6.3% of GDP to 2.5% in FY2013. The FSM’s
current account deficit is expected to improve to 14.3% of GDP from 15.0%
in FY2012, in part because of lower imports of machinery and capital
inputs as infrastructure projects are already completed. Current account
deficits in the RMI and the FSM are generally financed through capital
grants. High tourism receipts have supported current account surpluses
over the past 3 years in Palau, and a lower merchandise import bill is
projected to boost surpluses to 7.5% of GDP in both FY2013 and FY2014.
The governments of the RMI and the FSM have made good progress
in controlling expenditure and generating more revenue. However, the
International Monetary Fund estimates that the RMI must build up fiscal
surpluses equivalent to 6.0% of GDP by FY2017, and maintain them at this
level until FY2023, to generate sufficient replacement income for expiring
compact grants (Figure 3.36.4).
International Monetary Fund. Republic of
Marshall Islands, 2012 Staff Visit Preliminary Conclusions.
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