JEMCO approves national FY 2006 budget
Palikir, POHNPEI(Office of Compact Management/FSM Information Service): September 23, 2005 - The Office of Compact Management (OCM) announces that the Federated States of Micronesia FY 2006 budget has been approved.
On September 15, the Joint Economic Management Committee (JEMCO) held a special teleconference in the FSM approving $79 million in FY2006 Compact allocations.
Over 30% of this year's funding will be used to support education. An additional 30% will fund high priority capital projects identified in the FSM's recently approved Infrastructure Development Plan.
Funding levels for FY2006 for the six sectors covered by the Compact will be:
$26,132,059 for Education
JEMCO also decided that carryover funds from FY 2004 Public Sector Capacity Building, totaling about $1.3 million, will be used to improve financial management and procurement systems, performance reporting, and economic monitoring.
The FSM Office of Compact Management and the US Office of Insular Affairs will develop a detailed implementation plan for these funds by November 30, 2005.
For further information on this release, please contact:
FSM Office of the President Public Information: Press, Radio, Video P.O Box 34 Palikir Station, Pohnpei, FM 96941 Tel.: (691) 320-2548/2092 Fax.: (691) 320-4356 e-mail: email@example.com http://www.fsmpio.fm/