21 Mar 2006

CNMI seeks US bailout for 2007

1:42 pm on 21 March 2006

The Northern Marianas Government says it supports the 140-million US dollar funding request to Congress because it says the CNMI is no longer a self-sufficient economy.

The Saipan Tribune reports the administration sees no threat of an eventual federal takeover resulting from such a financial bailout program.

The government press secretary, Charles Reyes, says they are are asking for help because they are broke.

He says the government is under serious financial strain and it doesn't have enough resources because of prior mismanagement, coupled with the decline in the economy.

Mr Reyes says the CNMI has been hit hard by the Japan Airlines pullout and closure of several garment factories.

The territory's Washington representative, Pete Tenerio, submitted the bailout budget plan to Congress on Thursday, asking for an appropriation of 140 million dollars for the operations of the CNMI government for fiscal year 2007.