Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698747379608.pdf (Micronesia, Federated States of)
STANDING COMMITTEE REPORT NO.

13-230 RE: C.R.

NO.

13-129/W&M SUBJECT: ECONOMIC DEVELOPMENT FUND JANUARY 26, 2005 The Honorable Peter M. Christian Speaker, Thirteenth Congress Federated States of Micronesia Fifth Regular Session, 2005 Dear Mr. Speaker: Your Committee on Ways and Means to which was jointly referred C.B.

No.
No.

13-129, entitled: "A RESOLUTION URGING THE PRESIDENT TO INITIATE NEGOTIATION ON A $40 MILLION LOAN AVAILABLE EITHER THROUGH THE ASIAN DEVELOPMENT BANK OR THE WORLD BANK TO ESTABLISH A REVOLVING FUND FOR THE DEVELOPMENT AND REHABILITATION OF COMMERCIAL AGRICULTURE IN THE FSM.

", begs leave to report as follows: The intent and purpose of the resolution are expressed in its title.
Your Committee is concerned about the stagnant overall economic forecasts for the FSM economy during the first decade of the new millennium and the flow-on effect upon the national economy of the tightening of financial assistance under the Compact of Free Association.

Your Committee therefore supports the investigation by the President of potential sources of assistance in the form of grants or loans to promote economic development in the FSM by means of an Economic Development Revolving Fund.
The subject resolution was introduced in a form that would have limited Congress’ support to the negotiating of loans to assist agriculture.

However, your Committee is of the view that the scope should be broadened to encompass loans and grants for economic development generally.

Your committee has given serious consideration to this resolution and STANDING COMMITTEE REPORT NO.

13-230 RE: C.R.

NO.

13-129/W&M SUBJECT: ECONOMIC DEVELOPMENT FUND JANUARY 26, 2005 its purpose.
Your committee therefore recommends the following changes to C.R.

No.

13-129: 1.

Title, line 2 delete ‘‘urging’’ and insert ‘‘encouraging’’ in lieu thereof.

2.

Title, lines 2 to 3, delete ‘‘initiate negotiation on a $40 million loan available either through the Asian Development Bank or the World Bank’’ and insert ‘‘investigate potential sources of assistance in the form of grants or loans’’ in lieu thereof.

3.

Title, line 4, delete ‘‘the’’ and insert ‘‘economic’’ in lieu thereof.

4.
4.

Title, lines 4 and 5, delete ‘‘and rehabilitation of commercial agriculture’’.

5.

Page 1, line 1, delete ‘‘the agriculture industry’’ and insert ‘‘economic development’’ in lieu thereof.

6.

Page 1, lines 1 to 4, delete ‘‘a weak sector in the FSM economy, resulting in an increasing reliance on imported agricultural products and a severe imbalance in the nation’s import export agriculture trade’’ and insert ‘‘weak’’ in lieu thereof.

7.

Page 1, delete lines 5 to 8.

8.


Page 1, line 20, after ‘‘countries;’’ insert ‘‘and WHEREAS asstiance may be forthcoming from other sources to develop the FSM economy;’’.

9.

Page 2, line 2, delete ‘‘Special Session, 2004’’ and insert ‘‘Regular Session, 2005’’ in lieu thereof.

10.

Page 2, line 3, delete ‘‘urges’’ and insert ‘‘encourages’’ in lieu thereof.

11.
11.

Page 2, lines 4 and 5, delete ‘‘a $40 million loan either through the Asian Development Bank or the World Bank’’ and insert ‘‘such assistance’’ in lieu thereof.

12.

Page 2, line 6, delete ‘‘Commercial Agriculture’’ and insert ‘‘Economic’’.

-2- STANDING COMMITTEE REPORT NO.

13-230 RE: C.R.

NO.

13-129/W&M SUBJECT: ECONOMIC DEVELOPMENT FUND JANUARY 26, 2005 13.

Page 2, line 7, delete ‘‘Loan’’.

14.

Page 2, delete lines 9 to 14.

15.


Page 2, line 15, delete ‘‘loan’’ and insert ‘‘assistance’’ in lieu thereof.

16.

Page 2, line 18, delete ‘‘loan’’ and insert ‘‘funds’’ in lieu thereof.

17.

Page 2, line 20 delete ‘‘loan’’ and insert ‘‘loans or grants’’ in lieu thereof.

18.

Page 2, line 23, delete ‘‘loan’’ and insert ‘‘loans or grants’’.

With the foregoing amendments, your Committee on Ways and Means is in accord with the intent and purpose of C.R.

No.
No.

13-129 and recommends its adoption in the form attached hereto as C.R.

No.

13-129, C.D.1, subject to concurrence by your Committee on Resources and Development -3- STANDING COMMITTEE REPORT NO.

13-230 RE: C.R.

NO.


13-129/W&M SUBJECT: ECONOMIC DEVELOPMENT FUND JANUARY 26, 2005 Respectfully submitted, /s/ Sabino Asor Sabino Asor, chairman /s/ Roosevelt D. Kansou Roosevelt D. Kansou, vice chairman Claude H. Phillip, member /s/ Henry C. Asugar Henry C. Asugar, member Peter M. Christian, member Dohsis Halbert, member /s/ Isaac V. Figir Isaac V. Figir, member -4-