Tuesday, March 17, 2015

President Mori line item vetoes $5 million in CA 18-121: The Supplemental Budget Act

Federated States of Micronesia (FSM) President Manny Mori has line item vetoed a specific section in the supplemental budget that removes $5,000,000 from the 2023 Investment Development Fund (IDF) by adding an additional $5,000,000 into the FSM Trust Fund,  “thereby leaving the 2023 Investment Development Fund unfunded”.  

Although President Mori commends Congress for appropriating more money for the FSM Trust Fund, he has consistently urged and encouraged a better balance of investment into the Trust Fund, the Investment Development Fund, and other “targeted” projects in the FSM States that will stimulate, promote, enable, and sustain short and long term economic growth.

In the framework of building a self-reliant economy, President Mori has asserted several times that a vibrant private sector plays a leading role in further developing the Nation’s economy.  One such Private Sector effort would be investing in viable economic projects, which also creates more job opportunities and the potential for increased domestic and foreign investment interest.  The 2023 Investment Development Fund was designed to support and compliment Private Sector investment initiatives in these types of projects.  

The 2023 IDF is a critical financing component of the 2023 Action Plan -- a plan which has been endorsed by the most recent conference of the FSM State and National Leaders (SNLC), held in Palikir, Pohnpei.

The required legislative framework to create and commence operations of the 2023 Investment Development Fund had been previously submitted by the President, and is still pending Congressional action.

To view President Mori's transmittal letter in its entirety, please go to the following text:

Transmittal Letter

To view the 2023 Action Plan, which includes the proposed 2023 IDF Framework, please click on the following:

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