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 General details about Micronesia, Federal |  CAPITAL CITY OF Micronesia, Federal: Palikir
LANGUAGE OF Micronesia, Federal: English
CURRENCY OF Micronesia, Federal: US dollar (USD)
COMMENTS ABOUT Micronesia, Federal:
The Federated States of Micronesia, is an island nation located in the Pacific Ocean, northeast of Papua New Guinea.
Cities : Palikir (Capital), Weno, Tofol, Kolonia, Colonia, Lele, Moen
Calling Code : +691
Time Zone : UTC+10 to UTC+11
In 1979 the Federated States of Micronesia, a UN Trust Territory under US administration, adopted a constitution. In 1986 independence was attained under a Compact of Free Association with the US, which was amended and renewed in 2003. Present concerns include large-scale unemployment, overfishing, and overdependence on US aid.
CLIMATE OF Micronesia, Federal: Tropical; heavy year-round rainfall, especially in the eastern islands; located on southern edge of the typhoon belt with occasionally severe damage; Natural hazards : typhoons (June to December).
RELIGION OF Micronesia, Federal: Roman Catholic 50%, Protestant 47%
POPULATION OF Micronesia, Federal: 108,155 (July 2004 est.)
ECONOMY OVERVIEW OF Micronesia, Federal: 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, a lack of adequate facilities, and limited air connections hinder development. In November 2002, the country experienced a further reduction in future 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. The country's medium-term economic outlook appears fragile due not only to the reduction in US assistance but also to the slow growth of the private sector. Geographical isolation and a poorly developed infrastructure remain major impediments to long-term growth.
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