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p. 26 of 39 BACK | NEXT Introduction Bankwide Project Implementation Performance Country Implementation Highlights Bangladesh Bhutan Cambodia China, People's Republic of India Indonesia Kazakhstan Korea, Republic of Kyrgyz Republic Lao, People's Democratic Republic Malaysia Maldives Mongolia Myanmar Nepal Pakistan Philippines Pacific Developing Member Countries Cook Islands Fiji Islands Kiribati Marshall Islands Micronesia, Federated States of Nauru Papua New Guinea Samoa Solomon Islands Tonga Tuvalu Vanuatu Sri Lanka Tajikistan Thailand Uzbekistan Viet Nam Appendix

Seminannual Report on Project Administration and Technical Assistance Implementation for the Period Ending 30 June 1999 : Country Implementation Highlights : Pacific Developing Member Countries

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The Federated States of Micronesia

The ongoing loans remained at three as no loans were approved or closed during the period. No loans were awaiting signing or effectiveness. One ongoing loan was classified as unsatisfactory in terms of implementation progress. The private sector component of Fisheries Development continued to suffer from significant financial difficulties and, as a result, failed to meet the covenants on financial ratios. It continues to be unattractive to prospective investors. A fisheries business specialist will be engaged to identify measures necessary to address both internal and external factors responsible for the company's problems. None of the ongoing loans made changes in scope or implementation arrangements. No loans were delegated to the RM for administration.

Contract awards of $3.9 million were 77 percent of the semiannual projection of $5.1 million and 51 percent of the annual projection of $7.6 million, generally because of slow project implementation and procurement under Fisheries Development. Disbursements of $4.6 million were 100 percent of the semiannual projection and 78 percent of the annual target of $5.9 million. The disbursement ratio reached 28 percent compared with the Bankwide average of 11.9 percent and 4 percent as of 30 June 1998. The good performance in disbursements and disbursement ratio was due to the final release of the second tranche from the ongoing program loan. The disbursement ratio without the program loan was 7.3 percent compared with the Bankwide average of 7.9 percent. Net resource transfer also increased from $0.8 million as of 30 June 1998 to $4.5 million as of 30 June 1999 because of disbursements from the program loan.

Audited project accounts and financial statements were due for one loan, and compliance was delayed by up to six months.

Compliance with the environmental covenants were under implementation for two of the three ongoing loans, and was not applicable to one. Similarly, compliance with the social covenants for the three loans was under implementation. Tables 59 and 60 summarize the data for the Federated States of Micronesia.

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