This system will be undergoing maintenance Monday, January 23 from 8:00 AM to 12:00 PM CST.

Compact of Free Association: Micronesia Faces Challenges to Achieving Compact Goals

Description:

Testimony issued by the Government Accountability Office with an abstract that begins "From 1987 through 2003, the Federated States of Micronesia (FSM) received more than $1.5 billion in economic assistance under the original Compact of Free Association with the United States. In 2003, the U.S. government approved an amended compact with the FSM that provides an additional $2.3 billion from 2004 through 2023. The Department of the Interior's Office of Insular Affairs (OIA) is responsible for administering and monitoring this assistance. The amended compact identifies the additional 20 years of grant assistance as intended to assist the FSM in its efforts to promote the economic advancement and budgetary self-reliance of its people. The assistance is provided in the form of annually decreasing grants that prioritize health and education, paired with annually increasing contributions to a trust fund intended as a source of revenue for the country after the grants end in 2023. The amended compact also contains several new funding and accountability provisions intended to strengthen reporting and bilateral interaction. Among these provisions is a requirement for the establishment of a joint economic management committee and a trust fund committee to, respectively, among other duties, review the FSM's progress toward compact objectives and assess the trust fund's effectiveness in contributing to the country's economic advancement and long-term budgetary self-reliance. In 2003, we testified that these provisions could improve accountability over the assistance provided but that successful implementation of these provisions would require appropriate resources and sustained commitment from both the United States and the FSM. Drawing on several more recent reports as well as updated information, this report will discuss the FSM's economic prospects, implementation of the amended compact to meet its long-term goals, and potential trust fund earnings."

Creator(s): United States. Government Accountability Office.
Location(s): United States
Creation Date: June 10, 2008
Partner(s):
UNT Libraries Government Documents Department
Collection(s):
Government Accountability Office Reports
Usage:
Total Uses: 14
Past 30 days: 0
Yesterday: 0
Creator (Author):
Publisher Info:
Place of Publication: Washington D.C.
Date(s):
  • Creation: June 10, 2008
Coverage:
Place
United States
Description:

Testimony issued by the Government Accountability Office with an abstract that begins "From 1987 through 2003, the Federated States of Micronesia (FSM) received more than $1.5 billion in economic assistance under the original Compact of Free Association with the United States. In 2003, the U.S. government approved an amended compact with the FSM that provides an additional $2.3 billion from 2004 through 2023. The Department of the Interior's Office of Insular Affairs (OIA) is responsible for administering and monitoring this assistance. The amended compact identifies the additional 20 years of grant assistance as intended to assist the FSM in its efforts to promote the economic advancement and budgetary self-reliance of its people. The assistance is provided in the form of annually decreasing grants that prioritize health and education, paired with annually increasing contributions to a trust fund intended as a source of revenue for the country after the grants end in 2023. The amended compact also contains several new funding and accountability provisions intended to strengthen reporting and bilateral interaction. Among these provisions is a requirement for the establishment of a joint economic management committee and a trust fund committee to, respectively, among other duties, review the FSM's progress toward compact objectives and assess the trust fund's effectiveness in contributing to the country's economic advancement and long-term budgetary self-reliance. In 2003, we testified that these provisions could improve accountability over the assistance provided but that successful implementation of these provisions would require appropriate resources and sustained commitment from both the United States and the FSM. Drawing on several more recent reports as well as updated information, this report will discuss the FSM's economic prospects, implementation of the amended compact to meet its long-term goals, and potential trust fund earnings."

Language(s):
Subject(s):
Keyword(s): international affairs | compact of free association | testimony
Partner:
UNT Libraries Government Documents Department
Collection:
Government Accountability Office Reports
Identifier:
  • REP-NO: GAO-08-859T
  • LOCAL-CONT-NO: 120301
  • URL: http://gao.gov/products/GAO-08-859T
  • ARK: ark:/67531/metadc294987
Resource Type: Text
Format: Text
Rights: