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Western Hemisphere > Guam

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Cover Technical Assistance Reports
Republic of the Marshall Islands: Technical Assistance Report-Operationalizing A New Monetary Authority
International Monetary Fund. Monetary and Capital Markets Department
At the request of the authorities of the Republic of the Marshall Islands (RMI), IMF technical assistance was provided to advise on the key steps to be taken to operationalize the recently established Marshall Islands Monetary Authority. The mission recommends establishing core central banking functions, including an integrated payments and clearing system, and core banking operations, while embedding an organizational structure supported by robust governance, risk management, and internal control frameworks. A phased approach to organizational development is emphasized to align capacity with the scale and complexity of the RMI financial sector. The mission recommends prioritization of recruitment and capacity building to establish the MIMA’s core functions and support roles during its start-up phase.
Keywords:
Marshall Islands Monetary Authority; governance; central banking; organizational structure; payments; internal controls; accounting and financial management; risk management and compliance.; payment system oversight; Imf publication; risk management; Board Oversight; staff of the International Monetary Fund; Auditing; Payment systems; Internal audit; External audit; Global
Cover Selected Issues Papers
Modernizing Palau's Financial System: Opportunities and Risks
Ricardo Davico
and
Yuanyan S Zhang
Palau’s financial system faces structural challenges that inhibit effective financial intermediation, mobilization of domestic savings, and payment system efficiency. The authorities have been striving to address these challenges through digital initiatives. While these initiatives are intended to modernize the payment system and retain domestic savings, they also entail significant risks that need to be carefully managed with enhanced supervision and regulations. Policy options need to be well tailored to suit the specific financial sector challenges, economic scale, and resource considerations in Palau, starting with a comprehensive financial sector modernization and domestic payment strategy.
Keywords:
Palau; Financial Intermediation; Fintech; Payment System; Palau's financial system; IMF country; IMF staff; payment system efficiency; issues paper; Payment systems; Commercial banks; Credit; Loans; Anti-money laundering and combating the financing of terrorism (AML/CFT); Pacific Islands; Asia and Pacific
Cover IMF Staff Country Reports
Republic of Palau: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Special Issues paper examines the modernization of Palau’s financial system amid persistent structural challenges that limit effective financial intermediation, domestic savings mobilization, and payment system efficiency. The authorities are pursuing fintech and digital initiatives to support economic diversification and improve the financial landscape; however, these innovations also introduce important risks that require strengthened regulation and supervision. The paper underscores the need for policy responses tailored to Palau’s small economic scale, unique financial system structure, and limited institutional capacity. Key priorities include addressing structural impediments in the banking sector and enhancing supervisory frameworks to ensure financial stability. The planned implementation of the blockchain‑based Palau Savings Bond will require robust institutional arrangements and a comprehensive legal and regulatory foundation to mitigate associated risks. Significant infrastructure, legal, and regulatory gaps remain, and closing these gaps is essential to avoid premature issuance of a tokenized dollar and ensure safe, sustainable financial system modernization.
Keywords:
Palau's financial system; staff team; Palau's banking system; copyright page; IMF country; Commercial banks; Payment systems; Credit; Loans; Anti-money laundering and combating the financing of terrorism (AML/CFT); Pacific Islands; Asia and Pacific
Cover IMF Staff Country Reports
Federated States of Micronesia: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper on the Federated States of Micronesia (FSM) underlies economic development. Since independence, the FSM has been heavily dependent on assistance from the United States. With government expenditure of more than 60 percent of GDP, the private sector remains underdeveloped, functioning largely as a provider of services to the public sector. Under a comprehensive reform scenario, further budgetary efforts are to be taken, as well as structural reforms. Given the need for fiscal consolidation, tax reform has been the subject of discussion for a number of years, although with little progress to show.
Keywords:
ISCR; CR; government; FSM authorities; tax; VAT; tax revenue; capital expenditure; government assets; net profit; rate of return; economic growth; income tax; government output; Value-added tax; Tax administration core functions; Pacific Islands