13 Jan 2009

CNMI's economic plan readied for new Obama administration

11:39 am on 13 January 2009

A five-year economic development plan for the CNMI is being readied for submission to the new administration of U.S. President-elect Barack Obama.

This five-year plan, up to 2014, is seen as the only solution to the economic crises that the CNMI is experiencing, particularly the demise of the garment industry and the decline in tourism.

The commission developing the plan hopes to have a final draft by the end of the month because the deadline for submission to the Economic Development Administration for a grant is February the 19th.

According to the commission, the economic development plan has three main objectives, including to provide an overview of the current economic challenges,

It also aims to develop a strategic plan that prioritizes economic development projects according to their ability to create jobs and to utilize all available resources, to help the CNMI remain economically self-sufficient.

Record showed that government budget declined yearly in the past five years from 248 million US dollars in 2005, to 154 million in 2009.