Transcribed
North Pacific Economies :Fiscal adjustment in the Federated States of Micronesia
3.36.5 Fiscal adjustment in the Federated States of Micronesia % of GDP Annual fiscal surpluses required to offset expiring compact grants -2- 2008 2011 2014 2017 2020 2023 Source: International Monetary Fund. Federated States of Micronesia, 2012 Article IV Consultation Staff Report. http://www.imf.org
North Pacific Economies :Fiscal adjustment in the Federated States of Micronesia
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The FSM’s fiscal adjustment is even more
challenging, requiring surpluses equivalent to 6.4% of GDP by FY2016
(Figure 3.36.5). Recent fiscal surpluses are far below these goals. The FSM’s
consolid...
ated budget surplus is projected to slim to 0.8% of GDP in
FY2013, even with planned cuts to current and capital expenditure,
because of the continuing decline in compact grants. The RMI’s fiscal
account is expected to remain in deficit despite anticipated cuts in current
expenditure. While similar fiscal contraction is expected in Palau, its
realization remains uncertain as the newly elected government, which
assumed office in January 2013, has yet to submit a national budget. In the
meantime, continuing budget authority legally allows expenditure up to
the same amount as in FY2012.
Source: International Monetary Fund. Federated States of Micronesia, 2012 Article IV Consultation Staff Report. ( http://www.imf.org )
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