Government of the Federated States of Micronesia

President Falcam to Open 2nd FSM Economic Summit on Monday

PALIKIR, Pohnpei (FSM Information Service) - The President of the Federated States of Micronesia Leo A. Falcam will open the 2nd FSM Economic Summit in Pohnpei on Monday, September 13, 1999.

The Summit will draw together people from all sectors of the economy to evaluate progress since the 1st Economic Summit in 1995 and to further develop the policy framework for the Nation. The outcome of the Summit will be used for framing the FSM Economic Strategy. The three important objectives of this Summit are: to develop a comprehensive national economic strategy; provide the basis and context for each of the States to develop its own economic strategy; and to articulate the government's economic policies, priorities and strategic objective ahead of the Fiscal Year 2001 national budget process. Participant in the five-day summit will review the nation's performance since the first National Economic Summit in 1995. This will include an in-depth assessment and analysis of the positive and negative ramifications of the policies and strategies that came out of the first Summit. They will examine, debate, and make recommendations on the substance of the suggested policy elements and strategies included the strategic policy frameworks (SPR's) to be presented at the conference. The participants will also work from the SPR's, reach consensus on the new national economic policies, priorities, and implementation strategies.

The first half of the five-day Economic Summit will concentrate on the key cross-sector issues and policies affecting the nation, to be concluded in mid-week by presentations, discussion, and reaching of consensus on national cross-sector policies and strategies. Fiscal policy, access to land access to capital, the changing role of government, the regulatory environment, and taxation are some of the cross-cutting issues. By addressing the macro-level, cross-sector issues during the first half of the Summit, the intention is to establish policy directions and parameters enabling the sector committees to develop more pragmatic, consistent policies and strategies.

The second half of the summit will then concentrate on sector-specific issues and policies in health, education, agriculture, environment, infrastructure, commerce & industry, tourism, and gender.

All the working committees, cross-sector and sector-specific will follow a common format in their deliberations, one that is easy to use but comprehensive coordinating commitment and secretariat to discuss and reach understanding as to the substance and process of the summit. The Summit Coordinating Committee solicited position papers from interested individuals; institutions; community groups; private businesses; and to all levels of governments. The position papers were distributed and will be used in the Summit. Accepted papers will be published as part of the proceedings that will be compiled to report on the outcomes of the Summit. The outcome of the Summit will be used to frame the FSM Economic Strategy.

FSM President Leo A. Falcam recently stated in his inaugural speech on July 21st, 1999 that, "the people of this nation began to sharpen the focus of the our development effort through the mechanisms of State and National Economic Summits in which there was broad participation by both government and private sector." President Falcam has indicated that full and timely implementation of the outcomes from the second round of summits is among his Administration's highest priorities.

The Summit will be held in the State of Pohnpei. It is expected that over 200 people from throughout FSM will be attending. The President believes that, with the help of this wide cross section of the community, it will be possible to develop a sound and achievable economic strategy. Those to participate are representatives from the government, non-governmental entities and private sectors from all the states. Every attempt were made to involve a broad, representative, both men and women who will bring a wide range of expertise and views reflecting the diversity and inter-dependency of the four states. The direct involvement of the private sector and non-government organizations in the on-going process of making economic policies continues to be a significant asset for the FSM. This approach reflects the clear shift of emphasis that the future welfare of the people of the FSM depends very much on the development of the productive sectors of the economy. At the same time, the role of government is being transformed to focus on essential services, infrastructure and a sound policy environment to support private sector growth. The Summit is being organized by a Summit Coordinating Committee includes representatives of National and State Governments. It is Co-Chaired by Vice President Redley Killion and Senator Peter Christian.

The state representatives include Mr. Nick Andon and Mr. Tiser Lippwe from the State of Chuuk; Mr. Likiak Wesley and Mr. Tiser Reynold from the State of Kosrae; Mr. David Panuelo and Dr. Dan Perin from the State of Pohnpei; and Mr. John Sohlith and Mr. Francis Faney from the State of Yap. The nine sector committees are Commerce and Industry, chaired and co-chaired by Tony Ganngiyan and William Iriarte respectively; Health is to be chaired by Robert Speigal and co-chaired by Hiroshi Ismael; Transportation and Infrastructure, chaired by Robert Weilbacher; Environment is to be chaired by Yosiwo George and co-chaired by Nicholas Figirlaarwon; Tourism is to be chaired by Jesse Raglmar-SUBOLMAR with Aren Palik as the co-chair; Agriculture will be chaired by Marcus Rosario and co-chaired by Nena S. Nena; Gender, to be chaired by Anna Mendiola and co-chaired by Tanseny Reynold; and the Marine Resources to be chaired by Manikis Sonis with Timakio Ehsa as the co-chair.

The Department of Economic Affairs is the Secretariat of the 2nd FSM Economic Summit and they can be reached at Telephone No. (691) 320-2646; Fax: (691) 320-5854 and E-mail:

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