FSM LEADERS CONVERGE FOR WEEKLONG MEETINGS IN PALIKIR

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PALIKIR, Pohnpei, FSM (Oct. 15, 2002 - FSM Information Services)--- Leaders of the Federated States of Micronesia’s five governments are in Palikir this week for a series of high-level meetings to reassess and refocus the nation’s development.

The convening of the Fourth Regular Session of the 12th Congress of the FSM launched the weeklong meetings. They will begin with the Federated Development Authority (FDA), a body comprised of the president and the governors from each State. This body was established to oversee operations of the Investment Development Fund and Financial Investment Portfolio of the FSM.

The FDA’s meeting tomorrow includes and IDF year-to-date Fund Status Report, the proposed contribution to the Compact II Trust Fund, the FSM Development Bank, and other urgent matters.

The FDA meeting will preface the Economic Policy Implementation Council meeting, which is scheduled for Oct. 17-18 in Palikir. The Council’s agenda includes updates on the Compact Negotiations, Compact II Trust Fund details and breakdown, outcomes/policy proposals of the Revenue Symposium, and management and distribution of Compact II grants.

The council, created in June 2000, is mandated to forward the FSM economic reform agenda by focusing on key economic policies that will affect the immediate and future economic growth prospect of the nation.

The Council is comprised of leadership from the national and the four state governments. Members from the national government include the president, vice-president and speaker of the FSM Congress. The governors and speakers of the legislative branch represent the state governments. The FSM Department of Economic Affairs serves as the secretariat for the council.

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