China grants $1.2 million to FSM for Chuuk State Reform Stabilization Fund in 2007 (linked to #61587)

According to the documents released by the Congress of Federal State of Micronesia, 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 (provided in July 2007) to Micronesia for the expressed purpose of assisting emergency government financial reforms (project #61587). One of the designations was $1.2 million to the Chuuk State Reform Stabilization Fund for the purpose of repaying delinquent Chuuk State employee's social security taxes unremitted by the Chuuk State Department of Finance and Administration to the FSM Social Security Administration. According to the release from the Government of Micronesia, the President approved the disbursement in February 2008. It is linked to the umbrella project #61587 of the total $4 million grant.

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