FSM History

National

Congress Resolution 9-86 encourages about $15 million in ADB loans for government restructuring.

What happened

The resolution urged the president to borrow from the Asian Development Bank so governments could shrink, mainly through early retirement. It proposed shares for each state, asked the national government to cut its staff by at least 20%, and called for raising national tax revenue by at least 40%.

Sources for this note

Sources for the event

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APA Chicago Link