Micronesian Islands Forum vs Pacific Islands Forum

I recently heard that a new organization, focusing solely of the Micronesian states, has been established. It is called Micronesian Island Forum, similar in concept to the Pacific Islands Forum. I heard that the Presidents of the Micronesian island nations are arriving for the first MIF meeting in Pohnpei this week. Can somebody who is in the know, provide a short post as to whether or not this is correct; and what are the agenda for the first meeting of MIF. Sounds interesting.
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