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The economy has recovered following the stabilization of commodity and food prices. The Article IV discussions focused on policies to secure a sustained recovery and achieve long-term economic and fiscal sustainability. The recovery will likely remain weak, and the consolidated fiscal surplus is expected to decline in the near term. Long-term sustainability could be achieved through increasing the fiscal surplus. The reliability, coverage, and timeliness of economic statistics need to be improved to guide policies. The global crisis has increased the urgency of major fiscal and structural reforms.
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.
America's efforts at economic development in the Caroline, Mariana, and Marshall Islands proved to be about transforming in dramatic fashion people who occupied real estate deemed vital to American strategic concerns. Called "Micronesians," these island people were regarded as other, and their otherness came to be seen as incompatible with American interests. And so, underneath the liberal rhetoric that surrounded arguments, proposals, and programs for economic development was a deeper purpose. America's domination would be sustained by the remaking of these islands into places that had the look, feel, sound, speed, smell, and taste of America - had the many and varied plans actually succeeded. However, the gap between intent and effect holds a rich and deeply entangled history. Remaking Micronesia stands as an important, imaginative, much needed contribution to the study of Micronesia, American policy in the Pacific, and the larger debate about development. It will be an important source of insight and critique for scholars and students working at the intersection of history, culture, and power in the Pacific.
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.