Micronesia Federation. According to Countryaah.com, Micronesia Independence Day is November 3. President Leo Amy Falcam surprisingly lost his seat in Congress to opponent Resio Moses in the March 4 election, when five new senators were elected. On May 10, Congress appointed Joseph Urusemal from the island of Yap as new president. Senator Redley Killion of Chuuk was re-elected Vice President and Senator Peter Christian was elected Congress President.
In May, Micronesia signed a new agreement with the United States that would provide the country with $ 1.8 billion in support over the next 20 years. It is part of the association agreement with the United States and replaces a pact that actually expired in 2001 but which was extended.
|Gross domestic product (GDP)||$ 348,000,000|
|GDP growth rate||2.00%|
|GDP per capita||$ 3,400|
|GDP by sector|
|Proportion of the population below the national poverty line||26.7%|
|Distribution of household income|
|Top 10%||k. A.|
|Lower 10%||k. A.|
|Industrial production growth rate|
|National debt||24.50% of GDP|
|Foreign exchange reserves||$ 157,000,000|
The two countries also agreed to create a capital fund to make Micronesia self-sufficiency ahead of a planned reduction of US support after 2004. There was concern in Micronesia that the new fund would not be able to replace the US grants. Before the agreement came into force, it was to be approved by the parliaments of both countries.