Government of the Federated States of Micronesia

EPIC convenes for decisions and updates on economic development

Palikir, POHNPEI (FSM Information Services): March 15, 2005 - President Joseph J. Urusemal has called for the Economic Policy Implementation Council to convene in Palikir for a three-day meeting beginning Wednesday - March 16, 2005.

The Council is expected to discuss the various economic issues currently facing the nation along with a review of the progress of the economic arrangements under the amended Compact. An agenda has been proposed to include updates on the Compact Trust Fund Status, the Strategic Development Plan, the Infrastructure Development Plan including updates on the various agreements and projects sourced for economic development.

The EPIC is also expected to consider the Privatization of Public Enterprises, the amended Compact distribution formula and its various inflation adjustments along with the division of the Supplemental Education Grant (SEG) and the Investment Development Fund (IDF).

Other issues of discussion include the FSM Games, the proposed Compact Management Office and issues submitted by the Council members.

The EPIC membership is comprise of the Leadership of the five Governments: the President and the Governors of the four States along with the Speaker of the FSM Congress and the Presiding Officers of the each Legislature.

Created in June 2000, the Council is mandated to forward the FSM's economic reform agenda by focusing on key economic policies to effect economic growth prospects for the nation.

The FSM Department of Economic Affairs continues to serve as the Secretariat.

For further information on this release, please contact:

FSM Office of the President
Public Information: Press, Radio, Video
P.O Box 34
Palikir Station, Pohnpei, FM 96941
Tel.: (691) 320-2548/2092
Fax.: (691) 320-4356