Guam (GMT+10) Change

Title Icon

PITI-VITI Home Subscribe icon Publications Subscribe icon

Assessing the Impact of COVID-19 on the RMI Economy

Home icon Home
wgt2 ptitiviti latest news

View the latest

PITI-VITI News Items

Association of Pacific Island Public Auditors Successfully Completes 35th Annual Conference Over 400 Attendees Focus on Bridging the Gap of Public Accountability and Transparency

Calendar iconOct 02, 2024

news widget short detail news by Monique WedderburnMonique

Island Government Finance Officers Association Holds a Successful Annual Meeting in Orlando

Calendar iconJun 21, 2024

news widget short detail news by Monique WedderburnMonique

Audit and Investigative Training Opportunities at APIPA

Calendar iconJun 18, 2024

news widget short detail news by Jason AubuchonJason

Choose Topics

accept-rols

Thank You for Subscribing to the PITI-VITI Mailing List!

border
Telegram icon

Subscribe to our

Mailing List

Thanks for your interest in PITI-VITI and our programs! To sign up to received notifications, please enter your email address below and indicate which topics you're interested in. We do not share your information, and you can opt out of our mailing list at any time.

Assessing the Impact of COVID-19 on the RMI Economy

This Economic Monitoring and Analysis Program (EconMAP) Technical Note on Assessing the Impact of COVID-19 on the Marshall Islands Economy provided concise and timely analysis of the impact of COVID-19 on the RMI economy. The report highlights the need for a significant adjustment in the remainder of FY2020 and through FY2021, with a balanced approach of fiscal adjustment and financing through budgetary support. The report also suggests a need to adjust some of the recent rapid growth in specific areas of expenditures, and provides recommendations for a business relief program and public sector expenditure control program. The report was drafted by the Graduate School USA’s Pacific and Virgin Islands Training Initiatives (PITI-VITI) with funding support from the Department of the Interior’s Office of Insular Affairs.

Link to This Page:

https://pitiviti.org/storage/dm/2024/01/rmi-econimpact-covid-19-may2020-web-remediated-20240124014522758.pdf

thumbnail detail of Assessing the Impact of COVID-19 on the RMI Economy print

thumbnail detail of Assessing the Impact of COVID-19 on the RMI Economy
Download PDF

1.14 MB

Assessing the Impact of COVID-19 on the RMI Economy

document detail posted at of Assessing the Impact of COVID-19 on the RMI EconomyPosted May 08, 2020

This document has been remediated for accessibility.

Filed Under:

This Economic Monitoring and Analysis Program (EconMAP) Technical Note on Assessing the Impact of COVID-19 on the Marshall Islands Economy provided concise and timely analysis of the impact of COVID-19 on the RMI economy. The report highlights the need for a significant adjustment in the remainder of FY2020 and through FY2021, with a balanced approach of fiscal adjustment and financing through budgetary support. The report also suggests a need to adjust some of the recent rapid growth in specific areas of expenditures, and provides recommendations for a business relief program and public sector expenditure control program. The report was drafted by the Graduate School USA’s Pacific and Virgin Islands Training Initiatives (PITI-VITI) with funding support from the Department of the Interior’s Office of Insular Affairs.

Link to This Page:

https://pubs.pitiviti.org/covid-rmi

Choose Topics

accept-rols

Thank You for Subscribing to the PITI-VITI Mailing List!

Piti viti initiatives logo Related Publications

Related Document thumbnail of RMI FY23 Economic Review

Filed Under:

RMI FY23 Economic Review

Posted Mar 01, 2024 | version 2

The 2023 RMI Economic Review presents an in-depth analysis of the Republic of the Marshall Islands' economic status, focusing on developments and challenges throughout 2023, while also forecasting into 2024. The review examines various sectors including fiscal policies, fisheries, public financial management, and the implications of COVID-19 mitigation programs. It highlights the adaptive strategies in fiscal management, noting significant external support through international grants, particularly from the United States, the World Bank, and the Asian Development Bank. Moreover, the report discusses developments in the fisheries sector which is critical to the nation's economy, and the introduction of digital fintech initiatives aimed at economic modernization. This report is intended to serve as a tool for understanding the economic landscape of the Marshall Islands, providing stakeholders with the necessary information to support decision-making and policy formulation.

Related Document thumbnail of Proceedings of the First ADB Sub-Regional Workshop Under New Resource Realities for Palau and the RMI

Filed Under:

Proceedings of the First ADB Sub-Regional Workshop Under New Resource Realities for Palau and the RMI

Posted Nov 07, 2024

The First Sub-Regional Workshop on Budgetary Operations Under New Resource Realities for Palau and the RMI, held in Majuro from October 14-18, 2024, brought together government leaders, finance officials, and economic experts to address fiscal challenges facing the Republic of Palau and the Republic of the Marshall Islands. Sponsored by the Asian Development Bank and facilitated by the Graduate School USA, the workshop covered key themes including tax reform, fiscal responsibility, debt management, and budget cycle implementation. Participants shared lessons learned, discussed best practices, and outlined future actions to enhance fiscal policies and economic resilience in the North Pacific region. The proceedings document provides a detailed account of the presentations, discussions, and policy implications for both countries.

Related Document thumbnail of The Economic Impact of COVID-19 on the Marshall Islands with Policy Options for Sustained Recovery

Filed Under:

The Economic Impact of COVID-19 on the Marshall Islands with Policy Options for Sustained Recovery

Posted May 29, 2021

This EconMAP Technical Note utilizes current statistical data and macroeconomic modeling to project the impact of COVID-19 and to outline a range of fiscal measures for RMI government consideration. While the primary purpose of this document is to assist the government of the RMI in developing its own fiscal response policies, dialogue with RMI's donor partners is also strongly recommended.

Related Document thumbnail of RMI Performeter FY19

Filed Under:

RMI Performeter FY19

Posted Mar 31, 2021

This is the Performeter calculation for the government of the Republic of the Marshall Islands based on Fiscal Year 2019 financials. The Performeter is a analytical tool that converts a government’s financial statements into useful and understandable measures of financial performance. Financial ratios and a copyrighted analysis methodology are used to arrive at an overall rating of 0-10.

Related Document thumbnail of Adopting a Two-Phased Approach to Tax Reform in the RMI

Filed Under:

Adopting a Two-Phased Approach to Tax Reform in the RMI

Posted Aug 01, 2024 | version 2

This policy note outlines a two-phased approach to tax reform in the Republic of the Marshall Islands (RMI). Recognizing the need for immediate tax relief for lower-income and disadvantaged groups due to recent cost of living increases, the RMI government plans to implement the first phase of reforms on October 1, 2024. The second phase will follow two years later, allowing sufficient time for legislative and technical preparation. This document builds on a prior tax reform proposal, detailing the design and economic impact of the phased approach, and explaining the interplay between the wage tax system structure and fiscal outcomes.

Related Document thumbnail of Palau FY23 Economic Review

Filed Under:

Palau FY23 Economic Review

Posted Jan 19, 2024 | version 1

The 2023 Palau Economic Review provides an overview of the recent economic performance of the Republic of Palau, including information on gross national income, employment, inflation, and wages. ​ It discusses the impact of COVID-19 mitigation programs on household incomes, tourism developments and policy, fiscal performance and reform, external debt, public financial management, state-owned enterprise reform, the financial sector, private sector development, compact renewal, and the economic and fiscal outlook. ​ The document also addresses policy issues and statistical issues. It is a comprehensive assessment of Palau's economic performance and policy environment, providing valuable insights for policymakers and researchers. ​

icon of highlight 2024 IGFOA Fall Meeting

2024 IGFOA Fall Meeting

The virtual fall IGFOA check-in will take place on Friday, October 11, 2024.

Calendar icon 4October 11, 2024
icon of highlight APIPA Conference 2024

APIPA Conference 2024

The 35th annual APIPA Conference will be held in Koror, Palau from August 26-30, 2024. Additional details are available at www.apipa2024.org.

Calendar icon 4August 26 - 30, 2024
icon of highlight ELDP: Applications and Information

ELDP: Applications and Information

ELDP applications will open August 31, 2024 for the 2025 Cohort. Applications are due prior to November 1, 2024.

Calendar icon 4August 31, 2024
icon of highlight 2024 IGFOA Winter Meeting

2024 IGFOA Winter Meeting

The IGFOA Winter Meeting will be held in Honolulu, Hawaii, from December 10-12, 2024

Calendar icon 4December 10-12, 204

Camera Photo Gallery

Photos from recent activities hosted by the Pacific and Virgin Islands Training Initiatives (PITI-VITI) in support of conferences, training and leadership development, are available below.

Gallery Link Button COMPLETE GALLERY