China grants $500,000 to FSM for Kosrae General State Fund in 2007 (Linked to Record ID#61587)

Funder	China (People's Republic of)
Recipient Organization	Micronesia
Country	Micronesia
Start Date	Nov 02, 2007
End Date	May 29, 2031
Duration	8,609 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`41929`

Grant Description

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 $500,000 USD to the Kosrae State General Fund for the purpose of funding the State’s employees’ severance pay package as part of its budgetary and financial reforms. 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.