PALIKIR, Pohnpei (FSMIS) — President Manny Mori stood before the FSM Congress on Thursday and gave his third State of the Nation Address.
In attendance were Vice President Alik Alik, all members of the 16th FSM Congress, Associate Justice Yamase, members of the diplomatic community, cabinet members, employees of the national government and the public.
The speech was broadcast live over national radio and will be released on public television.
Mori began his speech by acknowledging that the nation is still recovering from the global financial crisis, but stated “the worst of the tempest is over” and reported that a bright forecast has been issued by the Asian Development Bank.
He voiced “cautious optimism” about the nation’s future, citing promising signs of recovery over the past five years, including the reduced trade deficit, a balanced current account and increased national disposable income.
The president warned, however, that the Compact has fueled consumption rather than investment and stressed the crucial need to invest in development to build a self-reliant economy, based on the private sector.
The establishment of a strong private sector will allow the financing of the public sector, Mori explained, adding that the nation cannot solely rely on the underfunded Compact Trust Fund.
He said he will summon state leaders, business people and international partners to the National Economic Symposium to discuss such private sector development.
Mori thanked the FSM Congress for approving $9.2 million for design work and implementation of nearly $150 million worth of projects across the nation.
He also acknowledged the “gracious funding” from the U.S., Japan and China that has enabled the completion of Airport Aircraft Rescue and Firefighting buildings in Yap and Kosrae, the mobilization of materials for the Pohnpei airport runway expansion, the start of road reconstruction in Chuuk, the building of new schools in Kosrae and Pohnpei, and the renovations at the Yap Childhood Center and hospital.
These new projects should generate $7 million in tax revenues and 2,500 jobs, he said.
