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Maritime Administration: Efforts To Improve Data on the Federal Ship Financing Program: RCED-87-58

by U. S. Government Accountability Office (
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Current price ₹1,566.00
Original price ₹1,770.00
Original price ₹1,770.00
Original price ₹1,770.00
(-12%)
₹1,566.00
Current price ₹1,566.00

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Book cover type: Paperback
  • ISBN13: 9781289107024
  • Binding: Paperback
  • Subject: N/A
  • Publisher: Bibliogov
  • Publisher Imprint: Bibliogov
  • Publication Date:
  • Pages: 66
  • Original Price: GBP 13.99
  • Language: English
  • Edition: N/A
  • Item Weight: 137 grams
  • BISAC Subject(s): General

In response to a congressional request, GAO examined the Maritime Administration's (MARAD) Federal Ship Financing Program and its estimated $5-billion portfolio of loan guarantees.
GAO found that: (1) MARAD considered 20 percent of the program loans to be at risk of default; (2) in 1986, default payments exceeded $1.2 billion; and (3) since the fund was not self-supporting, it needed approximately $1.4 billion in supplemental appropriations to repay outstanding loans. GAO also found that: (1) MARAD borrowed from the Treasury to cover the bulk of its 1987 program expenses; (2) improper and inadequate cost accounting procedures and underestimation of 1986 default payments caused the program's financial problems; and (3) MARAD plans to take corrective action to minimize its data problem.

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