PALIKIR, Pohnpei (FSM Information Service): July 16, 1997 –
On July 10, 1997, FSM President Jacob Nena notified Governor Vincent
Figir of the State of Yap that the FSM Secretary of Finance has been
informed that the Public Sector Reform Program (PSRP) loan has been
declared effective as of June 27, 1997, by the Asian Development Bank
(ADB). This should be taken as a sign to move forward with the State
and National Early Retirement Programs.
Nena congratulated Yap State for being the first State to complete
all preparations and for signing the Financing Agreement on July 8,
1997, the President said he has instructed the Secretary of Finance
to expedite transfer of funds to the State of Yap.
Other three FSM States and the National Government are working
toward implementing the Early Retirement Program at varying pace.
Each state legislature and FSM Congress must enact enabling loan and
implementing legislations before the program can take effect.
