China grants USD 723,000 to FSM for Chuuk State Financial Reform Stabilization Fund 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 designations was "$700,000.00 to the Chuuk State Financial Reform Stabilization Fund for the payment to the FSM Treasury for unremitted FSM income taxes collected by the Chuuk State Department of Finance and Administration and for other unpaid payroll allotments. 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.