China grants USD 723,000 to FSM for Chuuk State Financial Reform Stabilization Fund in 2007 (linked to #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 (project #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. According to the release from the Government of Micronesia, in February 2008, the President approved it. To be more specific, $358,856 to the Bank of FSM for Chuuk State Government bank overdraft facilities, $250,000 for Income Tax payments owed to FSM, and $114,249 to the Bank of FSM to cover outstanding Government employee allotments that the State Government has not paid on to the Bank. In total, there are USD 723,105 disbursed to Chuuk State under the project. It is linked to the umbrella project #61587 of the total $4 million grant.

Number of official sources

3

Number of total sources

3