China grants FSM $1.6 million USD for Chuuk State Financial Reform Stabilization in 2007 (Linked to Record ID#61587)

On September 17, 2007 a bill was introduced in the 15th Congress of FSM to approve the designated uses of the China financial assistance of USD 4 million to the Federated States of Micronesia for the expressed purpose of assisting emergency government financial reforms (Record ID#61587).

One of the designation was $1.6 million USD for the Chuuk State Financial Reform Stabilization Fund which was anticipated in the Chuuk State Reform Memorandum of Understanding of July 2007 and referenced in the Chuuk State Governor Executive Order NO. 10-2007 of August 27, 2007 for the purpose of repaying back the FSM National Government the $1.6 millions due and owing to the FSM National Government under Public Law No. 10-31.

Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.