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This 2006 Article IV Consultation highlights that real GDP in the Federated States of Micronesia grew by only 11⁄2 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.
This 2019 Article IV Consultation with Federated States of Micronesia (FSM) highlights that the economy has performed well in recent years, with relatively high growth and low inflation. Fiscal and current account balances have recorded large surpluses since 2017, owing to the authorities’ decision to save revenue windfalls. Nonetheless, the FSM faces significant medium-term uncertainty as various economic supports under the Compact Agreement with the United States are set to expire in 2023. Unless they are renewed, the FSM is expected to lose access to Compact grants, giving rise to a fiscal cliff in 2023; banking sector oversight by the Federal Deposit Insurance Corporation; and post-disaster rehabilitation assistance. The country is highly vulnerable to climate change, while private sector activity remains anaemic. It is recommended to improve resilience to climate change by strengthening capacity to implement adaptation projects. Over the medium term, disaster risks should be mitigated by using disaster insurance and disaster-contingent foreign financing.
"The United States Code is the official codification of the general and permanent laws of the United States of America. The Code was first published in 1926, and a new edition of the code has been published every six years since 1934. The 2012 edition of the Code incorporates laws enacted through the One Hundred Twelfth Congress, Second Session, the last of which was signed by the President on January 15, 2013. It does not include laws of the One Hundred Thirteenth Congress, First Session, enacted between January 2, 2013, the date it convened, and January 15, 2013. By statutory authority this edition may be cited "U.S.C. 2012 ed." As adopted in 1926, the Code established prima facie the general and permanent laws of the United States. The underlying statutes reprinted in the Code remained in effect and controlled over the Code in case of any discrepancy. In 1947, Congress began enacting individual titles of the Code into positive law. When a title is enacted into positive law, the underlying statutes are repealed and the title then becomes legal evidence of the law. Currently, 26 of the 51 titles in the Code have been so enacted. These are identified in the table of titles near the beginning of each volume. The Law Revision Counsel of the House of Representatives continues to prepare legislation pursuant to 2 U.S.C. 285b to enact the remainder of the Code, on a title-by-title basis, into positive law. The 2012 edition of the Code was prepared and published under the supervision of Ralph V. Seep, Law Revision Counsel. Grateful acknowledgment is made of the contributions by all who helped in this work, particularly the staffs of the Office of the Law Revision Counsel and the Government Printing Office"--Preface.
This study addresses the neglected history of the people of the Federated States of Micronesia’s (FSM) engagement with the outside world. Situated in the northwest Pacific, FSM’s strategic location has led to four colonial rulers. Histories of FSM to date have been largely written by sympathetic outsiders. Indigenous perspectives of FSM history have been largely absent from the main corpus of historical literature. A new generation of Micronesian scholars are starting to write their own history from Micronesian perspectives and using Micronesian forms of history. This book argues that Micronesians have been dealing successfully with the outside world throughout the colonial era in ways colonial authorities were often unaware of. This argument is sustained by examination of oral histories, secondary sources, interviews, field research and the personal experience of a person raised in the Mortlock Islands of Chuuk State. It reconstructs how Micronesian internal processes for social stability and mutual support endured, rather than succumbing to the different waves of colonisation. This study argues that colonisation did not destroy Micronesian cultures and identities, but that Micronesians recontextualised the changing conditions to suit their own circumstances. Their success rested on the indigenous doctrines of adaptation, assimilation and accommodation deeply rooted in the kinship doctrine of eaea fengen (sharing) and alilis fengen (assisting each other). These values pervade the Constitution of the FSM, which formally defines the modern identity of its indigenous peoples, reasserting and perpetuating Micronesian values and future continuity.