Government of the Federated States of Micronesia

EPIC concludes with three resolutions

PALIKIR, Pohnpei (FSM Information Service): April 1, 2003 - The Seventh meeting of the Economic Policy Implementation Council (EPIC) of the Federated States of Micronesia concluded its three-day meeting on Wednesday, with Resolutions to address the looming Compact deadline.

The primary focus of the three-day EPIC meeting was the Compact of Free Association between the FSM and the United States and issues that could impact the forward progress of FSM's economic package.

The first Resolution encouraged the enhancement of the Joint Committee on Compact Economic Negotiations (JCN) current efforts to advance and address FSM's economic package and its surrounding concerns.

The second Resolution called for the segregation of all committed investments in the Compact Trust Fund. The EPIC felt that each State's investments towards the Trust Fund should be in an account separate from the General Compact Funds. The interest from this investment would be separately accounted for so as to make it available to also contribute to the Trust Fund.

The third Resolution addressed the treatment of funds received with restriction under the original Compact. It requested the President of the FSM to un-restrict all remaining funds from the original Compact so that the fiscal procedures of the amended Compact, when it comes into effect, may be applicable to all funds.

President Leo A. Falcam closed the meeting urging the EPIC to ensure sufficient efforts are taken to "share the new economic assistance provisions and attendant responsibilities with our citizens over the coming months."

He further stated that the EPIC should "review our ongoing advocacy and information-sharing efforts and determine if the significant efforts being undertaken will be sufficient to achieve our objectives."

The President thanked the Kosrae delegation for offering to host the next EPIC meeting in Kosrae sometime in April. He thanked Kosrae's Governor Rensley Sigrah for "bringing a broad-based delegation" to the meeting.

Kosrae state's delegation comprised of most of the sectors of the community, from government to the religious community.

The EPIC is comprised of the national leadership: the President, the Vice President, the Speaker of Congress and the Governors and presiding officers of the Legislative Branches of the four States.

Created in June 2000, the Council is mandated to move forward FSM's economic reform agenda by focusing on key economic policies that will affect the immediate and future economic growth prospect of the nation.

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