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p. 67 of 95 BACK | NEXT Message from the Chairman of the Board of Directors Members, Capital Stock and Voting Power The Record Abbreviations 2004 in Review: Board of Directors' Report Special Theme: The Changing Face of the Microfinance Industry: Building Financial Systems for the Poor Part 1: Institutional Effectiveness Part 2: Poverty Reduction Strategic Priorities Thematic Priorities Regional Perspectives East and Central Asia Mekong The Pacific Cook Islands Fiji Islands Kiribati Marshall Islands Micronesia, Federated States of Nauru Palau Papua New Guinea Samoa Solomon Islands Timor-Leste Tonga Tuvalu Vanuatu South Asia Southeast Asia Part 3: Financial Statements: Management's Discussion and Analysis

Annual Report 2004 : Part 2: Poverty Reduction : The Pacific

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Federated States of Micronesia

Strategy and Policy Dialogue. The country strategy emphasized wider participation of civil society in development, more explicit treatment of poverty, and assistance for a longterm perspective in achieving development outcomes. It sought to (i) build awareness on the impact of the Amended Compact of Free Association with the United States; (ii) achieve consensus on an overall economic strategy; and (iii) improve monitoring to enhance implementation of policies and programs.

ADB assistance focused on helping the government create an enabling environment for the private sector by (i) establishing a secured transaction system through improved registration of movable assets, (ii) building institutional capacity for land administration and management, (iii) improving financial services for SMEs, and (iv) strengthening business development services for SMEs. Support for the social sector included improving delivery of basic social services, especially on the outer islands, and reforms in health and education. Poor access to safe water and sanitation facilities was addressed. ADB will continue to promote public accountability and transparency. Assistance will focus on improving public sector management and administration, implementing performance-based budgeting, and increasing the accountability of public financial management. Specifically, support will be provided to the national hardship reduction strategy, to the public sector capacity building road map, and for a youth and gender development program.

Loans and Technical Assistance. Two loans amounting to $19.0 million were approved for the omnibus infrastructure development project. Three technical assistance activities totaling $850,000 were approved.

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