Congress of the Federated States of Micronesia

Speaker Figir flags Compact annual decrements for symposium action

Weno, Chuuk (FSM Congress): February 24, 2011 - Speaker Isaac V. Figir of the Sixteenth Congress of the Federated States of Micronesia advised the national economic symposium that the FSM "is now in a position to either make or break its long-term economic viability."

The Speaker's message was directed to the participants of the National Economic Symposium currently underway in the State of Chuuk. The National Economic Symposium has gathered in Chuuk from February 7th thru 11th, the leaderships of the five governments along with a healthy representation of the FSM Private Sector and Non-Governmental Organizations.

Speaker Figir's message referenced to the theme of the National Economic Symposium, 'Overcoming Impediments to Growth - Revitalizing the FSM Economy,' to which he underscored to the participants that as a nation, "we simply cannot afford to sit on our hands at this time [...] the cost of apathy is too high [...]"

While Speaker Figir briefly touched on general impediments to economic growth, he however highlighted the annual decrements under amended Compact's sector grants as the impediment he hopes will be addressed by the symposium. He urged the symposium to create a concerted plan with which the nation will collectively address the decrements.

He recalled the directions given by the three previous economic summits and challenged the current symposium to "not re-invent the wheel", but to reassess the progress of those directions and formulate an action plan that "fits the present, because conditions around the world have changed substantially since we started the amended Compact."

The Speaker concluded his message with a call to the participant to "let this National Economic Symposium act as a call to action" and for the governments and the private sector to draw lessons from the works of the next few days.

Speaker Figir represented the Legislative Branch of the National Government during the formalities of the opening day of the National Economic Symposium heading a delegation from the FSM Congress comprised of Floor Leader Joe N. Suka and the chairmen of the various Congressional Standing Committees.

The participating committee chairmen included: Chairman Roger S. Mori of the Committee on Resources and Development; Chairman Peter Sitan of the Committee on Judiciary and Governmental Operations; Chairman Dohsis Halbert of the Committee on Ways and Means; Chairman Dion G. Neth of the Committee on Transportation, Communications and Infrastructure; and Chairman Joseph J. Urusemal of the Committee on Education.

The symposium is expected to wrap up its work on Friday - February 11th with the adoption of resolutions formulated to help overcome impediments to the nation's economic growth along with resolutions to establish directions which the FSM would undertake to the revitalize its economy.

The complete text of Speaker Figir's statement to the NES is available at:

For further information on this release, please contact:

Congress of the Federated States of Micronesia
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