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This Selected Issues paper examines the reasons for the poor initial performance of the Compact Trust Fund (CTF) of Micronesia and the issues related to the governance framework. The design and recent implementation of the CTF raise concerns that Micronesia will still face a difficult transition after U.S. aid ends in FY2023. The paper provides forecasts for the fund over the medium term. It also examines the business environment in Micronesia and identifies possible areas for improvement.

Fiscal policy --- Taxation --- Micronesia (Federated States) --- Economic conditions. --- Economic conditions --- Duties --- Fee system (Taxation) --- Tax policy --- Tax reform --- Taxation, Incidence of --- Taxes --- Finance, Public --- Revenue --- Economic policy --- Government policy --- Federated States of Micronesia --- FSM --- Mikronezii Federativnye Shtaty --- Mikronezii︠a︡ (Federated States) --- Federasi Mikronesia --- Gefedereerde State van Mikronesië --- Mikronesië (Federated States) --- Föderierte Staate vo Mikronesie --- Estatos Federatos de Micronesia --- Estaos Federaos de Micronesia --- Tetãvorekuéra Ñembyatypyre Mikyonésiagua --- Mikyonésiagua (Federated States) --- Mikroneziya Federativ Ştatları --- Mikroneziya (Federated States) --- Micronesia Liân-pang --- Микронезия Федератив Штаттары --- Mikronezii︠a︡ Federativ Shtattary --- Микронезия (Federated States) --- Федэратыўныя Штаты Мікранезіі --- Fedėratyŭnyi︠a︡ Shtaty Mikranezii --- Мікранезіі (Federated States) --- Mikranezii (Federated States) --- Maykronisya (Federated States) --- Федеративни щати Микронезия --- Federativni shtati Mikronezii︠a︡ --- Savezne Države Mikronezije --- Mikronezije (Federated States) --- Stadoù Kevreet Mikronezia --- Mikronezia (Federated States) --- Микронези (Federated States) --- Mikronezi (Federated States) --- Estats Federats de Micronèsia --- Микронезин Федеративлă Штачĕсем --- Mikronezin Federativlă Shtachĕsem --- Pederadong Estados sa Micronesia --- Federativní státy Mikronésie --- Federados Estados de Micronesia --- Taleithiau Ffederal Micronesia --- Mikronesien (Federated States) --- Mikronesiens Forenede Stater --- Föderierte Staaten von Mikronesien --- Eʼeʼaahjí Tónteel Bikáaʼdi Kéyah Ałhidadiidzooígíí --- Mikroneesia Liiduriigid --- Mikroneesia (Federated States) --- Ομόσπονδες Πολιτείες της Μικρονησίας --- Omospondes Politeies tēs Mikronēsias --- Μικρονησία (Federated States) --- Mikronēsia (Federated States) --- Estados Federados de Micronesia --- Federacio de Mikronezio --- Federaciaj Ŝtatoj de Mikronezio --- Estaus Federaus de Micronésia --- Mikronesiako Estatu Federatuak --- ミクロネシア連邦 --- Mikuroneshia Renpō --- Mikuroneshiarenpō --- Staat Mikronesien --- Budgeting --- Corporate Finance --- Exports and Imports --- Macroeconomics --- Money and Monetary Policy --- National Budget --- Budget Systems --- International Investment --- Long-term Capital Movements --- Financial Institutions and Services: General --- Public Enterprises --- Public-Private Enterprises --- Personal Income, Wealth, and Their Distributions --- Budgeting & financial management --- Finance --- Civil service & public sector --- Extra-budgetary funds --- Foreign direct investment --- Business environment --- Public sector --- Personal income --- Public financial management (PFM) --- Balance of payments --- Economic sectors --- National accounts --- Budget --- Investments, Foreign --- Business enterprises --- Income --- Micronesia, Federated States of

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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.

Finance --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Funding --- Funds --- Economics --- Currency question --- Government policy --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Micronesia (Federated States) --- Federated States of Micronesia --- FSM --- Mikronezii Federativnye Shtaty --- Mikronezii︠a︡ (Federated States) --- Federasi Mikronesia --- Gefedereerde State van Mikronesië --- Mikronesië (Federated States) --- Föderierte Staate vo Mikronesie --- Estatos Federatos de Micronesia --- Estaos Federaos de Micronesia --- Tetãvorekuéra Ñembyatypyre Mikyonésiagua --- Mikyonésiagua (Federated States) --- Mikroneziya Federativ Ştatları --- Mikroneziya (Federated States) --- Micronesia Liân-pang --- Микронезия Федератив Штаттары --- Mikronezii︠a︡ Federativ Shtattary --- Микронезия (Federated States) --- Федэратыўныя Штаты Мікранезіі --- Fedėratyŭnyi︠a︡ Shtaty Mikranezii --- Мікранезіі (Federated States) --- Mikranezii (Federated States) --- Maykronisya (Federated States) --- Федеративни щати Микронезия --- Federativni shtati Mikronezii︠a︡ --- Savezne Države Mikronezije --- Mikronezije (Federated States) --- Stadoù Kevreet Mikronezia --- Mikronezia (Federated States) --- Микронези (Federated States) --- Mikronezi (Federated States) --- Estats Federats de Micronèsia --- Микронезин Федеративлă Штачĕсем --- Mikronezin Federativlă Shtachĕsem --- Pederadong Estados sa Micronesia --- Federativní státy Mikronésie --- Federados Estados de Micronesia --- Taleithiau Ffederal Micronesia --- Mikronesien (Federated States) --- Mikronesiens Forenede Stater --- Föderierte Staaten von Mikronesien --- Eʼeʼaahjí Tónteel Bikáaʼdi Kéyah Ałhidadiidzooígíí --- Mikroneesia Liiduriigid --- Mikroneesia (Federated States) --- Ομόσπονδες Πολιτείες της Μικρονησίας --- Omospondes Politeies tēs Mikronēsias --- Μικρονησία (Federated States) --- Mikronēsia (Federated States) --- Estados Federados de Micronesia --- Federacio de Mikronezio --- Federaciaj Ŝtatoj de Mikronezio --- Estaus Federaus de Micronésia --- Mikronesiako Estatu Federatuak --- ミクロネシア連邦 --- Mikuroneshia Renpō --- Mikuroneshiarenpō --- Staat Mikronesien --- Economic conditions. --- Banks and Banking --- Budgeting --- Macroeconomics --- Public Finance --- Industries: Financial Services --- Money and Monetary Policy --- National Budget --- Budget Systems --- Taxation, Subsidies, and Revenue: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: General --- Fiscal Policy --- Aggregate Factor Income Distribution --- Budgeting & financial management --- Public finance & taxation --- Banking --- Public ownership --- nationalization --- Extra-budgetary funds --- Revenue administration --- Commercial banks --- Multilateral development institutions --- Public financial management (PFM) --- Financial institutions --- Income --- National accounts --- Budget --- Revenue --- Banks and banking --- Development banks --- Micronesia, Federated States of

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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 2–2½ 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.

Economic indicators --- Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Business indicators --- Indicators, Business --- Indicators, Economic --- Leading indicators --- Economic history --- Quality of life --- Economic forecasting --- Index numbers (Economics) --- Social indicators --- Fiscal policy --- Finance --- Funding --- Funds --- Currency question --- Tax policy --- Taxation --- Finance, Public --- Government policy --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Micronesia (Federated States) --- Federated States of Micronesia --- FSM --- Mikronezii Federativnye Shtaty --- Mikronezii︠a︡ (Federated States) --- Federasi Mikronesia --- Gefedereerde State van Mikronesië --- Mikronesië (Federated States) --- Föderierte Staate vo Mikronesie --- Estatos Federatos de Micronesia --- Estaos Federaos de Micronesia --- Tetãvorekuéra Ñembyatypyre Mikyonésiagua --- Mikyonésiagua (Federated States) --- Mikroneziya Federativ Ştatları --- Mikroneziya (Federated States) --- Micronesia Liân-pang --- Микронезия Федератив Штаттары --- Mikronezii︠a︡ Federativ Shtattary --- Микронезия (Federated States) --- Федэратыўныя Штаты Мікранезіі --- Fedėratyŭnyi︠a︡ Shtaty Mikranezii --- Мікранезіі (Federated States) --- Mikranezii (Federated States) --- Maykronisya (Federated States) --- Федеративни щати Микронезия --- Federativni shtati Mikronezii︠a︡ --- Savezne Države Mikronezije --- Mikronezije (Federated States) --- Stadoù Kevreet Mikronezia --- Mikronezia (Federated States) --- Микронези (Federated States) --- Mikronezi (Federated States) --- Estats Federats de Micronèsia --- Микронезин Федеративлă Штачĕсем --- Mikronezin Federativlă Shtachĕsem --- Pederadong Estados sa Micronesia --- Federativní státy Mikronésie --- Federados Estados de Micronesia --- Taleithiau Ffederal Micronesia --- Mikronesien (Federated States) --- Mikronesiens Forenede Stater --- Föderierte Staaten von Mikronesien --- Eʼeʼaahjí Tónteel Bikáaʼdi Kéyah Ałhidadiidzooígíí --- Mikroneesia Liiduriigid --- Mikroneesia (Federated States) --- Ομόσπονδες Πολιτείες της Μικρονησίας --- Omospondes Politeies tēs Mikronēsias --- Μικρονησία (Federated States) --- Mikronēsia (Federated States) --- Estados Federados de Micronesia --- Federacio de Mikronezio --- Federaciaj Ŝtatoj de Mikronezio --- Estaus Federaus de Micronésia --- Mikronesiako Estatu Federatuak --- ミクロネシア連邦 --- Mikuroneshia Renpō --- Mikuroneshiarenpō --- Staat Mikronesien --- Economic conditions. --- Economic policy. --- E-books --- Banks and Banking --- Macroeconomics --- Public Finance --- Statistics --- Business and Financial --- Inflation --- Industries: Financial Services --- Fiscal Policy --- National Government Expenditures and Related Policies: General --- Nonprofit Organizations and Public Enterprise: General --- Taxation, Subsidies, and Revenue: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Price Level --- Deflation --- Public finance & taxation --- Public ownership --- nationalization --- Econometrics & economic statistics --- Banking --- Public enterprises --- Expenditure --- Revenue administration --- Fiscal consolidation --- Economic sectors --- Prices --- Government business enterprises --- Expenditures, Public --- Revenue --- Micronesia, Federated States of

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SOCIAL SCIENCE --- Emigration & Immigration --- Emigrant remittances --- Micronesians --- Immigrants --- Finance --- Business & Economics --- International Finance --- Social aspects --- Social networks --- Sociological aspects. --- United States --- Micronesia (Federated States) --- Emigration and immigration --- Emigrants --- Foreign-born population --- Foreign population --- Foreigners --- Migrants --- Immigrant remittances --- Remittances, Emigrant --- Federated States of Micronesia --- FSM --- Mikronezii Federativnye Shtaty --- Mikronezii︠a︡ (Federated States) --- U.S.A. --- Jungtinės Amerikos valstybės --- Soedinennye Shtaty Si︠e︡vernoĭ Ameriki --- Soedinennye Shtaty Severnoĭ Ameriki --- Si︠e︡vero-Amerikanskīe Soedinennye Shtaty --- Severo-Amerikanskie Soedinennye Shtaty --- Zlucheni Derz︠h︡avy --- USA --- US --- Arhab --- Ar. ha-B. --- Artsot ha-Berit --- ولايات المتحدة الامريكية --- Wilāyāt al-Muttaḥidah al-Amirīkīyah --- ABSh --- Amerika Birlăshmish Shtatlary --- ABŞ --- Amerika Birlăşmi Ştatları --- Forente stater --- Spojené staty americké --- Severo-Amerikanskie Shtaty --- Sjedinjene Američke Države --- Zʹi︠e︡dnani Derz︠h︡avy Ameryky --- Amerikai Egyesült Államok --- Yhdysvallat --- Verenigde Staten --- Egyesült Államok --- Hiwsisayin Amerikayi Miatsʻeal Tērutʻiwnkʻ --- Estados Unidos de América --- United States of America --- Fareyniḳṭe Shṭaṭn --- Artzois Ha'bris --- Estados Unidos da América do Norte --- SShA --- Soedinennye Shtaty Ameriki --- VSA --- États-Unis d'Amérique --- Vereinigte Staaten von Amerika --- Stati Uniti d'America --- Estados Unidos --- EE.UU. --- Stany Zjednoczone --- ĒPA --- Amerika Qūrama Shtattary --- Amerika Qŭshma Shtatlari --- SAD --- Saharat ʻAmērikā --- Hēnomenai Politeiai Amerikēs --- ZSA --- Mei-kuo --- Meiguo --- Mei guo --- ZDA --- Združene države Amerike --- U.S. --- America (Republic) --- Amirika Carékat --- Verenigde State van Amerika --- VS --- ولايات المتحدة --- Wilāyāt al-Muttaḥidah --- ولايات المتّحدة الأمريكيّة --- Wilāyāt al-Muttaḥidah al-Amrīkīyah --- Estatos Unitos --- Estatos Unitos d'America --- Ètats-Unis d'Amèrica --- Estaos Xuníos d'América --- Estaos Xuníos --- Tetã peteĩ reko Amérikagua --- Istadus Unidus --- Amerika Birlăşmiş Ştatları --- Amerika ka Kelenyalen Jamanaw --- Bí-kok --- Amerika Qushma Shtattary --- AQSh --- Злучаныя Штаты Амерыкі --- Zluchanyi︠a︡ Shtaty Ameryki --- Yunaeted Stet blong Amerika --- Yunaeted Stet --- Vaeinigte Staatn --- Vaeinigte Staatn vo Amerika --- Stadoù-Unanet Amerika --- Sŭedineni amerikanski shtati --- САЩ --- SASht --- Съединените щати --- Sŭedinenite shtati --- Америка (Republic) --- Amerika (Republic) --- Estats Units d'Amèrica --- Америкӑри Пӗрлешӳллӗ Штатсем --- Amerikări Pĕrleshu̇llĕ Shtatsem --- Stati Uniti --- SUA (Stati Uniti d'America) --- Unol Daleithiau America --- Unol Daleithiau --- Amerikas Forenede Stater --- Vereinigte Staaten --- Wááshindoon Bikéyah Ałhidadiidzooígíí --- Zjadnośone staty Ameriki --- Ameerika Ühendriigid --- Ηνωμένες Πολιτείες της Αμερικής --- Hēnōmenes Politeies tēs Amerikēs --- Η.Π.Α. --- Ē.P.A. --- Usono --- Unuiĝintaj Ŝtatoj de Ameriko --- Американь Вейтьсэндявкс Штаттнэ --- Amerikanʹ Veĭtʹsėndi︠a︡vks Shtattnė --- Ameriketako Estatu Batuak --- Feriene Steaten --- Feriene Steaten fan Amearika --- FS --- Stâts Unîts di Americhe --- Stâts Unîts --- Stáit Aontaithe Mheiriceá --- Steatyn Unnaneysit America --- Steatyn Unnaneysit --- S.U.A. --- Na Stàitean Aonaichte --- NSA --- Mî-koet --- 미국 --- Miguk --- Amerikayi Miatsʻyal Nahangner --- Miatsʻyal Nahangner --- Federasi Mikronesia --- Gefedereerde State van Mikronesië --- Mikronesië (Federated States) --- Föderierte Staate vo Mikronesie --- Estatos Federatos de Micronesia --- Estaos Federaos de Micronesia --- Tetãvorekuéra Ñembyatypyre Mikyonésiagua --- Mikyonésiagua (Federated States) --- Mikroneziya Federativ Ştatları --- Mikroneziya (Federated States) --- Micronesia Liân-pang --- Микронезия Федератив Штаттары --- Mikronezii︠a︡ Federativ Shtattary --- Микронезия (Federated States) --- Федэратыўныя Штаты Мікранезіі --- Fedėratyŭnyi︠a︡ Shtaty Mikranezii --- Мікранезіі (Federated States) --- Mikranezii (Federated States) --- Maykronisya (Federated States) --- Федеративни щати Микронезия --- Federativni shtati Mikronezii︠a︡ --- Savezne Države Mikronezije --- Mikronezije (Federated States) --- Stadoù Kevreet Mikronezia --- Mikronezia (Federated States) --- Микронези (Federated States) --- Mikronezi (Federated States) --- Estats Federats de Micronèsia --- Микронезин Федеративлă Штачĕсем --- Mikronezin Federativlă Shtachĕsem --- Pederadong Estados sa Micronesia --- Federativní státy Mikronésie --- Federados Estados de Micronesia --- Taleithiau Ffederal Micronesia --- Mikronesien (Federated States) --- Mikronesiens Forenede Stater --- Föderierte Staaten von Mikronesien --- Eʼeʼaahjí Tónteel Bikáaʼdi Kéyah Ałhidadiidzooígíí --- Mikroneesia Liiduriigid --- Mikroneesia (Federated States) --- Ομόσπονδες Πολιτείες της Μικρονησίας --- Omospondes Politeies tēs Mikronēsias --- Μικρονησία (Federated States) --- Mikronēsia (Federated States) --- Estados Federados de Micronesia --- Federacio de Mikronezio --- Federaciaj Ŝtatoj de Mikronezio --- Estaus Federaus de Micronésia --- Mikronesiako Estatu Federatuak --- ミクロネシア連邦 --- Mikuroneshia Renpō --- Mikuroneshiarenpō --- Staat Mikronesien --- Persons --- Aliens --- Ethnology --- Pacific Islanders --- Foreign exchange --- Американь Вейтьсэндявкс Штаттнэ --- Spojené obce severoamerické --- États-Unis --- É.-U. --- ÉU