Government of the Federated States of Micronesia

Compact dominates EPIC agenda

PALIKIR, Pohnpei (FSM Information Service): July 13, 2001 – The Third meeting of the Economic Policy Implementation Council (EPIC) of the Federated States of Micronesia will convene in Palikir on July 13.

An outcome of the 2nd Economic Summit, the Council was ccreated in June 2000 with the objective of moving forward in the FSM economic reform agenda. President Leo A. Falcam who chairs the council, said EPIC focuses and concentrates on key economic policies that will affect the immediate and future economic growth prospect of the FSM.

Since its inception last year, EPIC has been keeping in sight of it objective through regular meetings and implementation of their outcomes. A second meeting was held in October of the same year followed by a Special Meeting in December 2000.

Issues tabled by EPIC range from ADB loans, tax reform plans, unified registry to FSM planning frameworks and Compact re-negotiations.

Friday’s meeting will revisit several unresolved issues and address new concerns outlined in a proposed agenda that include:

  • trust fund for surplus FY 2002 and 2003 Compact funding;

  • Status of MOU on distribution formula of Compact funds;

  • Status of legislation written in of 2000 proposing States to administer balance of IDF sub-accounts;

  • status of ADB loans for Private Sector Development (PSD) and Basic Social Services (BSS);

  • Future of Civic Action Tam (CAT);

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 remains the Secretariat for the Council.