“I am very pleased to again be able to congratulate you and your colleagues for considering and passing this bill in such timely manner,” he said in his transmittal letters to the leaders of the national legislature, the Olbiil Era Kelulau.
“As the Republic’s financial situation has declined due to global recession and the unprecedented reduction in the Republic’s collection of local revenues, this legislation is absolutely necessary to assist the Republic in my administration to focus on the business of running the government, a task that I expect to be extremely challenging in the near term given the present state of our economy,” he added. (BC)
The government earlier stated that its debts amounted to at least $10 million.
