Government of the Federated States of Micronesia

EPIC 5 concentrates on Compact

PALIKIR, Pohnpei (FSM Information Service): May 30, 2002 - The Federated States of Micronesia's Fifth Economic Policy Implementation Council (EPIC) had met on May 15-16, 2002 for discussions primarily on provisions of the Economic Compact with the United States.

The following agenda was accomplished during the two-day high level meeting:

  1. The JCN's briefing to the Council on the status of the negotiations and request for the Leaderships support on decisions to be made during the negotiations was rewarded with a Resolution;

  2. FSM Economist Evelyn Adolph presented to the Council an analysis on the economic impact of the revised US proposal;

  3. The Council discussed other issues related to the proposed Compact II, in particular, the amounts to be committed to the Trust Fund;

  4. The Bank of Hawaii impending shutdown was addressed and each state leadership was updated on its investment portfolio.

The 5th EPIC meeting concluded with one resolution which recommended that, "discussions on non-expiring provisions of the Compact be done on a bilateral basis as directed by the President, in collaboration with the JCN, that such discussions on specific non-expiring provisions will advance interest of the FSM."

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

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 serves as the Secretariat for the Council.

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