TAIWAN MONEY FUNDS SUPPLEMENTAL MARSHALL ISLANDS BUDGET

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MAJURO, Marshall Islands (June 25, 2000 – Marshall Islands Journal)---Finance Minister Mike Konelios introduced a $27.9 million supplementary budget in the Nitijela (legislature) last Tuesday.

More than two thirds of the budget is based on funding from the Republic of China (Taiwan).

The bill calls for the $19,979,783 from the ROC to be spent by government ministries and agencies on a wide-range of development-related projects. Public Works is to get the largest share of the funding at $5.7 million; the Ministry of Transportation is next at $2.8 million and Education follows at $2.6.

A total of $3 million will go to the Ministry of Finance for general government expenses.

An additional $8 million in revenue is coming from two other sources: $3 million from the Asian Development Bank’s reform loan and $5 million from a commercial bank loan.

The $3 million ADB funding will be split: $1 million goes for the reform program (for severance payments to RIFed workers) and $2 million to the government’s trust fund.

The government is proposing to use the other loan (which is being negotiated with First Hawaiian Bank) funds to pay Health Fund medical bills ($2.5 million), fees on a bond issue to Lehman Brothers, and other legal fees totaling $2.5 million.

The aid from Taiwan represents both 1999 and 2000 funding.

The Marshall Islands Journal, Box 14, Majuro, Marshall Islands 96960 E-mail: journal@ntamar.com  Subscriptions (weekly): 1 year US $87.00; international $213.00 (air mail).

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