24 Sep 2005

Federated States of Micronesia approves US$79m budget

5:09 am on 24 September 2005

The Office of Compact Management in the Federated States of Micronesia has approved a budget for the 2006 financial year.

The Joint Economic Management Committee approved a total of 79 million US dollars in budget allocations, in line with the country's treaty of association with the United States.

About a third of the year's funding will be used to support education.

An additional 30 per cent will fund high priority capital projects identified in the country's recently approved Infrastructure Development Plan.