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Overview

China grants USD 723,000 to FSM for Chuuk State Financial Reform Stabilization Fund in 2007 (Linked to Record ID#61587)

Commitments (Constant USD, 2023)$1,201,486
Commitment Year•2007Country of Activity•MicronesiaDirect Recipient Country of Incorporation•MicronesiaSector•General Budget SupportFlow Type•Grant

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 17, 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 USD 723,000 to FSM for Chuuk State Financial Reform Stabilization Fund 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 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 Record ID#61587 of the total $4 million grant.