KOLONIA, Pohnpei, FSM: October 23, 2024 — The Vice Chairman of the FSM/U.S. Joint Economic Management Committee (JEMCO) has extended his gratitude to the Director of the Department of Treasury and Administration, Mrs. Sihna N. Lawrence, for her diligent compliance with the provisions of the Compact of Free Association (COFA) regarding the management of fiscal year (FY) 2024 Compact Sector funding.
In a letter addressed to the Director, the Vice Chairman commended the Department for adhering to JEMCO’s decision to not extend the obligation deadline for FY 2024 funds, despite recent legislative actions taken by the 11th Pohnpei Legislature that sought an extension. JEMCO had previously rejected the request to extend the obligation deadline.
The Vice Chairman emphasized the importance of ensuring proper fiscal management and accountability in the use of Compact funds, a critical component of the financial partnership between the Federated States of Micronesia (FSM) and the United States. The Director’s compliance with these provisions underscores the Pohnpei State Government’s commitment to maintaining transparency and responsible financial oversight under the Compact’s stipulations.
The FSM/U.S. Joint Economic Management Committee oversees the management and expenditure of U.S. financial assistance provided under the Compact of Free Association, ensuring the funds are allocated effectively to meet the development goals of the FSM.
