 FSM establishes Interim JEMCOPALIKIR, Pohnpei (FSM Information Services): August 26, 2003 - President Joseph J. Urusemal has, through Presidential Order no.23, established an Interim Joint Economic Management Committee (Interim JEMCO/FSM) of the Federated States of Micronesia. The creation of the Interim JEMCO/FSM is in anticipation of the Amended Compact of Free Association between the FSM and the United States of America, signed on May 14 in Palikir. The Amended Compact mandates the establishment of a joint management body, "Joint Economic Management and Financial Accountability Committee," to help ensure more effective use of Compact grand funds and programs. In the absence of a legally constituted body to oversee such responsibilities, the Interim JEMCO/FSM has been put in place to informally lay the necessary groundwork on the consolidated Fiscal Year 2004 budget to be sanctioned by the US-FSM JEMCO. The role of the Interim JEMCO/FSM as created by the Presidential Order, mirror the requirements of the US-FSM JEMCO, as well as provisionally execute all obligations and responsibilities required under the signed Amended Compact. The body also serves a dual role with the Joint Trust Fund Committee. The Interim JEMCO/FSM is comprised of six members, one representing each of the four state governments and two from the national government:
The latter would be the FSM's two representatives to the joint US-FSM JEMCO. Meanwhile, before the Amended Compact is formally ratified by the two governments, it is intended that a proposed legislation would be submitted to the FSM Congress to establish a statutory JEMCO/FSM which should then formalize the preliminary work undertaken by the Interim JEMCO/FSM. |