China grants $4 million USD to Micronesia for emergency government financial reforms (Linked to Record ID#41928, #41929, #64987, #64989)

In July 2007, a Chinese government official signed an agreement granting $4 million USD to the Government of Micronesia for the explicit purpose of "assisting emergency government financial reforms" in the states of Chuuk and Kosrae.

At first, Congress did not approve the use of this Chinese financial aid, but following an exchange of notes dated 7 November 2007, it was approved.

According CB No. 15-63, the aid allocation breakdown is as follows: 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.