 JEMCO approves national FY 2006 budgetPalikir, 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.
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