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Privatization committee holds first meeting

Palikir, POHNPEI (FSM Information Services): September 9, 2004 - Vice President Redley Killion convened the Federated States of Micronesia National Government Privatization Committee in Palikir on September 1, to act on Presidential Order No. 26.

Presidential Order No. 26, created the Committee primarily to strengthen the privatization efforts of the nation and minimized the government's engagement in commercial activities.

Designated chairman through the Order, the Vice President called the initial meeting to address the specific mandates of the Committee and establish strong efforts to achieve the objectives. The agenda included among other items: the organization of its leadership, the Private Sector Development Project - 2^nd tranche draw-down requirements, and updates on the ongoing privatization projects.

The Committee is charged with the "responsibility of guiding the privatization process at the national level, as well as assisting the national government in meeting the transformation requirement of public enterprises and services as defined under the Private Sector Development program.

The Administration, through the creation of the Committee, has reaffirmed its commitment of "prioritizing and promoting private sector led growth to ensure accelerated and sustainable development of FSM's Economy." The Committee is therefore tasked to "identify and pursue innovative methods of achieving these goals."

It is also mandated that the Committee transform "at least one of the public enterprises or services by March 2005."

Member of the Committee include the Department Heads with the Secretariat housed under the Department of Economic Affairs Privatization Unit.