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Summary

We issued our final report of our follow-up audit of MARAD's Title XI Loan Guarantee Program. We initiated this follow-up audit as a result of the Emergency Wartime Supplemental Appropriation passed by Congress on April 16, 2003. The bill provided $25 million for the costs of new Title XI loan guarantees, but prohibited the obligations of these funds until MARAD has implemented the recommendations in our 2003 report.