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Overview

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

Commitments (Constant USD, 2023)$2,658,503
Commitment Year•2007Country of Activity•MicronesiaDirect Recipient Country of Incorporation•MicronesiaSector•General Budget SupportFlow Type•Grant

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2007

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

Government Agencies

  • Unspecified Chinese Government Institution

Receiving agencies

Government Agencies

  • Government of Chuuk State of Micronesia

Loan description

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

Narrative

Full Description

Project narrative

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. It is linked to the umbrella Record ID#61587, the total $4 million grant.