LIZABETH II (since 6 February 1952)
head of government: Governor Howard PEARCE (since 3 December 2002);
Chief Executive Chris SIMPKINS (since NA March 2003); Financial
Secretary Derek F. HOWATT (since NA)
cabinet: Executive Council; three members elected by the Legislative
Council, two ex officio members (chief executive and the financial
secretary), and the governor
elections: none; the monarchy is hereditary; governor appointed by
the monarch

Legislative branch:
unicameral Legislative Council (10 seats - 2 ex officio, 8 elected
by popular vote, members serve four-year terms); presided over by
the governor
elections: last held 22 November 2001 (next to be held November 2005)
election results: percent of vote - NA%; seats - independents 8;
note - 71% voter turnout

Judicial branch:
Supreme Court (chief justice is a nonresident); Magistrates Court
(senior magistrate presides over civil and criminal divisions);
Court of Summary Jurisdiction

Political parties and leaders:
none; all independents

Political pressure groups and leaders:
none

International organization participation:
ICFTU, UPU

Diplomatic representation in the US:
none (overseas territory of the UK; also claimed by Argentina)

Diplomatic representation from the US:
none (overseas territory of the UK; also claimed by Argentina)

Flag description:
blue with the flag of the UK in the upper hoist-side quadrant and
the Falkland Island coat of arms centered on the outer half of the
flag; the coat of arms contains a white ram (sheep raising was once
the major economic activity) above the sailing ship Desire (whose
crew discovered the islands) with a scroll at the bottom bearing the
motto DESIRE THE RIGHT

Economy Falkland Islands (Islas Malvinas)

Economy - overview:
The economy was formerly based on agriculture, mainly sheep
farming, but today fishing contributes the bulk of economic
activity. In 1987 the government began selling fishing licenses to
foreign trawlers operating within the Falklands exclusive fishing
zone. These license fees total more than $40 million per year, which
goes to support the island's health, education, and welfare system.
Squid accounts for 75% of the fish taken. Dairy farming supports
domestic consumption; crops furnish winter fodder. Exports feature
shipments of high-grade wool to the UK and the sale of postage
stamps and coins. The isl