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Federated States of Micronesia

former: Kosrae, Ponape, Truk, and Yap Districts (Trust Territory of the Pacific Islands)


 
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© 1996-2006
Bob Starkgraf

GOVERNMENT

Country name:
conventional long form: Federated States of Micronesia
conventional short form: none
abbreviation: FSM
former: Ponape, Truk, and Yap Districts (Trust Territory of the Pacific Islands)
Government type:
constitutional government in free association with the US; the Compact of Free Association entered into force 3 November 1986; economic provisions of the Compact are being renegotiated
Capital:
Palikir
Administrative divisions:
4 states; Chuuk (Truk), Kosrae (Kosaie), Pohnpei (Ponape), Yap
Independence:
3 November 1986 (from the US-administered UN Trusteeship)
National holiday:
Constitution Day, 10 May (1979)
Constitution:
10 May 1979
Legal system:
based on adapted Trust Territory laws, acts of the legislature, municipal, common, and customary laws
Suffrage:
18 years of age; universal
Executive branch:
chief of state: President Leo A. FALCAM (since 21 July 1999); Vice President Redley KILLION (since 21 July 1999); note - the president is both the chief of state and head of government
head of government: President Leo A. FALCAM (since 21 July 1999); Vice President Redley KILLION (since 21 July 1999); note - the president is both the chief of state and head of government
cabinet: Cabinet
elections: president and vice president elected by Congress from among the four senators-at-large for four-year terms; election last held NA May 1999 (next to be held NA May 2003); note - a proposed constitutional amendment to establish popular elections for president and vice president failed
election results: Leo A. FALCAM elected president; percent of Congress vote - NA%; Redley KILLION elected vice president; percent of Congress vote - NA%
Legislative branch:
unicameral Congress (14 seats; members elected by popular vote; four - one elected from each state - to serve four-year terms and 10 - elected from single-member districts delineated by population - to serve two-year terms)
elections: elections for four-year term seats last held 2 March 1999 (next to be held NA March 2003); elections for two-year term seats last held 6 March 2001 (next to be held NA March 2003)
election results: percent of vote - NA%; seats - independents 14
Judicial branch:
Supreme Court
Political parties and leaders:
no formal parties
International organization participation:
ACP, AsDB, ESCAP, G-77, IBRD, ICAO, IDA, IFC, IFRCS (associate), IMF, IOC, ITU, OPCW, Sparteca, SPC, SPF, UN, UNCTAD, UNESCO, WHO, WMO
Diplomatic representation in the US:
chief of mission: Ambassador Jesse Bibiano MAREHALAU
telephone: [1] (202) 223-4383
consulate(s) general: Honolulu and Tamuning (Guam)
FAX: [1] (202) 223-4391
chancery: 1725 N Street NW, Washington, DC 20036
Diplomatic representation from the US:
chief of mission: Ambassador Larry DINGER
embassy: address NA, Kolonia
mailing address: P. O. Box 1286, Kolonia, Pohnpei, Federated States of Micronesia 96941
telephone: [691] 320-2187
FAX: [691] 320-2186
Flag description:
light blue with four white five-pointed stars centered; the stars are arranged in a diamond pattern
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ECONOMY

Economy - overview:
Economic activity consists primarily of subsistence farming and fishing. The islands have few mineral deposits worth exploiting, except for high-grade phosphate. The potential for a tourist industry exists, but the remote location and a lack of adequate facilities hinder development. In 1996, the country experienced a 20% reduction in revenues from the Compact of Free Association - the agreement with the US in which Micronesia received $1.3 billion in financial and technical assistance over a 15-year period until 2001. Since these revenues accounted for 57% of consolidated government revenues, reduced Compact funding resulted in a severe depression. Economic activity recovered in 1999-2001. The country's medium-term economic outlook appears fragile due to likely further reductions in external grants made under the US Compact funding. Geographical isolation and a poorly developed infrastructure remain major impediments to long-term growth.
GDP:
purchasing power parity - $269 million
note: GDP is supplemented by grant aid, averaging perhaps $100 million annually (2001 est.)
GDP - real growth rate:
2% (2001 est.)
GDP - per capita:
purchasing power parity - $2,000 (2001 est.)
GDP - composition by sector:
agriculture: 50%
industry: 4%
services: 46% (2000 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
2.5% (2001 est.)
Labor force:
NA
Labor force - by occupation:
two-thirds are government employees
Unemployment rate:
16% (1999 est.)
Budget:
revenues: $161 million ($69 million less grants)
expenditures: $160 million, including capital expenditures of $NA (1998 est.)
Industries:
tourism, construction, fish processing, craft items from shell, wood, and pearls
Industrial production growth rate:
NA%
Electricity - production:
NA kWh
Electricity - production by source:
fossil fuel: NA%
nuclear: NA%
other: NA%
hydro: NA%
Electricity - consumption:
NA kWh
Agriculture - products:
black pepper, tropical fruits and vegetables, coconuts, cassava (tapioca), sweet potatoes; pigs, chickens
Exports:
$22 million (f.o.b.)
Exports - commodities:
fish, garments, bananas, black pepper
Exports - partners:
Japan, US, Guam
Imports:
$149 million f.o.b.
Imports - commodities:
food, manufactured goods, machinery and equipment, beverages
Imports - partners:
US, Australia, Japan
Debt - external:
$66.5 million
Economic aid - recipient:
under terms of the Compact of Free Association, the US pledged $1.3 billion in grant aid during the period 1986-2001
Currency:
US dollar (USD)
Currency code:
USD
Exchange rates:
the US dollar is used
Fiscal year:
1 October - 30 September
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