2008.03.22: March 22, 2008: Headlines: Diplomacy: Budget: Washington Times: Embassies pay for devalued dollar

Peace Corps Online: Peace Corps News: Peace Corps Library: Budget for the Peace Corps: 2008.08.05: August 5, 2008: Headlines: Directors - Tschetter: Figures: Directors: Budget: Appropriations: Headquarters: Congress: Minneapolis Star Tribune: Peace Corps faces Budget Loss of $8.7 million for FY2008, may have to reduce Peace Corps volunteers in the field by 400 in 2009 : 2008.03.22: March 22, 2008: Headlines: Diplomacy: Budget: Washington Times: Embassies pay for devalued dollar

By Admin1 (admin) (ppp-70-135-9-78.dsl.okcyok.swbell.net - 70.135.9.78) on Monday, April 28, 2008 - 11:49 am: Edit Post

Embassies pay for devalued dollar

Embassies pay for devalued dollar

The State Department is losing millions as a result of the free-falling dollar, forcing its overseas missions to lay off local staff, reduce energy consumption, put facility repairs on hold and cancel travel, officials said. "It's beginning to hurt there is no question about it. It's tough on us," said Christopher R. Hill, assistant secretary of state for East Asian and Pacific affairs. Another official said that 24 percent of the State Department's main operating account, which is $3.8 billion for 2008, is disbursed in foreign currencies. "We already have a tight budget, and the buying power of those limited resources is further affected by the decline of the dollar," the official said.

Embassies pay for devalued dollar

Embassies pay for devalued dollar

By Nicholas Kralev
March 22, 2008

The State Department is losing millions as a result of the free-falling dollar, forcing its overseas missions to lay off local staff, reduce energy consumption, put facility repairs on hold and cancel travel, officials said.

Although the dollar's weakness is affecting embassies and consulates around the world, the most drastic measures are being taken in Europe, where the euro has been trading around $1.54.

"It's beginning to hurt there is no question about it. It's tough on us," said Christopher R. Hill, assistant secretary of state for East Asian and Pacific affairs.

Another official said that 24 percent of the State Department's main operating account, which is $3.8 billion for 2008, is disbursed in foreign currencies.

"We already have a tight budget, and the buying power of those limited resources is further affected by the decline of the dollar," the official said.

He noted that the department has a "buying power maintenance account" where it puts money when the dollar's value goes up, but "there is no money in it now."

"The biggest impact I have seen is our ability to program events," a Foreign Service officer in Europe said. "We have had to become very creative in finding cost-saving measures."

Public diplomacy programs are among the most affected, officials said.




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Story Source: Washington Times

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