Government of the Federated States of Micronesia

IMF Article IV Consultation Mission To FSM

PALIKIR, Pohnpei (FSM Information Service): March 8, 1998 - President Jacob Nena, on February 27th, informed all State Governors and national government officials that an IMF Mission to be headed by Advisor for Technical Assistance Secretariat Chee Sung Lee will be in the FSM from March 23 to the 30, 1998.

The Article IV of IMF Agreement provides fielding of an economic mission in member countries annually to discuss economic development progress and constraints.

The mission will meet with respective state public officials and private sector representatives to discuss economic development and policy issues. During these meetings the mission will attempt to obtain economic information including macroeconomics statistical data.

A set of questionnaire including relevant statistical tables are being forwarded to the various states for use of the appropriate offices and agencies to prepare their responses for the mission when it arrives. Answers to questions relating to economic output, employment, prices, and investment will be reviewed.

Concerned officials are asked to provide nominal and real gross domestic product (GDP) data for FY 1995 and FY 1996, estimates for FY 1997, and projections for FY 1998, explaining underlying trends and assumptions. Description of specific development in major sectors, including fishing, copra, agriculture, forestry, manufacturing, and tourism during the referenced period.

Respondents are asked how they see medium-term real GDP growth and economic diversification prospects relate and asked to discuss the progress in developing national income accounts, including accounting methodology.

During its stay in the FSM, the Department of Finance and Administration will coordinate its meetings. Thus, any questions relative to the mission's activities should be referred to the designated department.

For further information on this release, please contact:

FSM Office of the President
Public Information: Press, Radio, Video
P.O Box 34
Palikir Station, Pohnpei, FM 96941
Tel.: (691) 320-2548/2092
Fax.: (691) 320-4356