FORM 5

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Communications Corporation
                                           )           CHAPTER 11
                                           )           Case No. 01-25013 DK
                                           )
                                           )
                     Debtor(s)             )

                            MONTHLY OPERATING REPORT
                        For the Month Ending May 31, 2002

                        FINANCIAL BACKGROUND INFORMATION

1. ACCOUNTING BASIS: Cash _______ Accrual X

2. PREPARER: State the name, address, telephone number and position of the person(s) who
actually compiled the information contained in this report.

    Prabhav Maniyar, 1151 Seven Locks Road, Potomac, MD 20854 (301) 610-4300


3. EMPLOYEE INFORMATION:
================================================================================
Number of employees paid this period:                  0
--------------------------------------------------------------------------------
Current number of employees:                           0
--------------------------------------------------------------------------------
Gross monthly payroll:
--------------------------------------------------------------------------------
        Officers, directors, and principals            0
--------------------------------------------------------------------------------
        Other employees                                0
--------------------------------------------------------------------------------
All post-petition payroll obligations
including payroll taxes are current                    YES
--------------------------------------------------------------------------------
Exceptions:                                      _______________________________

                                                 _______________________________
================================================================================



4. Have there been any CHANGES IN THE NATURE OF YOUR BUSINESS or STATUS OF
OPERATIONS since the last reporting period?      NO.


5. Are all BUSINESS LICENSES or BONDS current?   YES



                                                                          FORM 5
                                                                       Continued

6. PRE-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                              $
--------------------------------------------------------------------------------
B.  Collected this Period                        $
================================================================================
C.  Ending Balance (A minus B)                   $
================================================================================



7. POST-PETITION ACCOUNTS RECEIVABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                               $
--------------------------------------------------------------------------------
B.  Incurred this Period                          $
--------------------------------------------------------------------------------
C.  Collected this Period                         $
================================================================================
D.  Ending Balance (A plus B minus C)             $
================================================================================

Ending Balance Aging:

0-30 Days: $ __________31-60 Days: $ _____________Over 60 Days:$ _______________


If there are any post-petition Accounts Receivable over 60 days, provide
Schedule AR giving a listing of such accounts and explaining the delinquencies.
                                 NOT APPLICABLE


8. POST-PETITION ACCOUNTS PAYABLE:
================================================================================
A.  Beginning Balance (previous month's
    ending balance)                              $
--------------------------------------------------------------------------------
B.  Incurred this Period
--------------------------------------------------------------------------------
C.  Pay this Period
================================================================================
D.  Ending Balance (A plus B minus (1)           $
================================================================================

Ending Balance Aging:

0-30 Days: $ _____________31-60 Days: $ _________ Over 60 Days: $_______________



If there are any post-petition Accounts Payable over 30 days, provide
Schedule AP giving a listing of such accounts and explaining the
delinquencies. - NOT APPLICABLE

(1) Does not include approximately $71,000,000 in intercompany accounts payable.

9. TAXES: Are all taxes being paid to the proper taxing authorities when due?
                                    YES (1)

On the attached IRS Form 6123 report all tax deposits made with any
financial institution for federal employment taxes during the reporting
period. Be sure the form is complete and signed by an authorized
employee of the receiving institution or taxing authority. Also attach
copies of the monthly sales tax statement, payroll tax statement,
unemployment tax statement AND real estate tax statement with evidence
of payment of these taxes.

(1) No taxes relating to Post-Petition activity became due and payable
during the post-petition period ending May 31, 2002.

10. BANK ACCOUNTS: Have you changed banks or any other financial institution
during this period? NO

11. Are all BOOKS AND RECORDS of the debtor(s) being maintained  monthly and are
all all current? YES






                                                                          FORM 5
                                                                       Continued


12.     INSURANCE:                Policy expiration dates:
================================================================================
        Auto and truck                  10/1/2002
--------------------------------------------------------------------------------
        Fire                            10/1/2002
--------------------------------------------------------------------------------
        D&O Insurance                   10/1/2002
--------------------------------------------------------------------------------
        Liability                       10/1/2002
--------------------------------------------------------------------------------
        Workers Comp.                   10/1/2002
================================================================================



13. ACTIONS OF DEBTOR: During the last month, did the Debtor:
(a) Fail to defend or oppose any action seeking to dispossess the debtor from
control or custody of any asset of the estate? NO

        OR  consent to relief from the automatic stay ( S362)?  NO

(b) Maintain such stock, inventory, raw materials, insurance,
employees and other resources as are necessary to preserve
and maintain the going concern value of the assets of the
debtor? YES

14. TRANSFER OR SALE OF PROPERTY: Did the Debtor or any person with control over
any of Debtor's assets transfer, convey or abandon any of Debtor's assets to
another party during the period of this report other than as set forth herein (
including sales by creditors)? No, however ING Barings has attempted to
foreclose, without court authorization or debtor's consent, on debtor's shares
of Phone Systems and Networks, Inc.

If yes, a copy of court order authorizing the referenced action must be
attached.

Please discuss any pending motions to sell estate assets: NONE

Type of Motion           Brief Description of Asset          Projected Income
================================================================================
                                                             $
================================================================================

You may attach a copy of the notice of sale in lieu of completing the
description. Indicate if notice(s) attached. NO


15. PAYMENTS TO SECURED CREDITORS during Reporting Period: NONE
================================================================================
Creditor         Frequency        Amount of      Next Payment     Post-Petition
                    of          Each Payment        Due           Payments not
                 Payments                                         Made: Numbers
                   per                                            and Amounts
                 Contract
================================================================================
                             $                  /          /
--------------------------------------------------------------------------------
                             $                  /          /
================================================================================






16. PAYMENTS TO PROFESSIONAL (Attorneys, Accountants, Real Estate Agents,
Auctioneers, Appraisers, etc.) during Reporting Period: NONE

Professional                       Service                     Projected Income
================================================================================
                                                             $
================================================================================

Note: If payments were made to any professional during the reporting period, a
copy of the order authorizing payment must be attached.





                                                                          FORM 5
                                                                       Continued


17. QUARTERLY U.S. TRUSTEE FEES paid during Reporting Period:

                                     Monthly Disbursements:
================================================================================
Month 1 ( current quarter)                  None
--------------------------------------------------------------------------------
Month 2 ( current quarter)                  None
--------------------------------------------------------------------------------
Month 3 ( current quarter)                  None
================================================================================
Total                                       None
================================================================================

Quarterly Fee Owed $ 250.00 (Refer to Fee Calculation Chart on page 16)
Will be due and payable after June 30, 2002.


18. VERIFICATION
I declare under penalty of perjury that the information contained in
this Monthly Operating Report (including schedules) is true and correct
to the best of my knowledge, information and belief.

Dated: June 20, 2002                      DEBTOR IN POSSESSION
                                           By:          Prabhav Maniyar
                                           Name/Title:  Chief Financial Officer,
                                                        Director and Secretary
                                           Address:     1151 Seven Locks Road
                                                        Potomac, MD  20854
                                           Telephone:   (301) 610-4300

                                           /s/ Prabhav V. Maniyar




        REMINDER: Attach copies of debtor in possession bank statements.









                                                                          FORM 6


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:   Startec Global Communications Corporation  CHAPTER 11
                                        )           Case No. 01-25013 DK
                                        )
                                        )

                            MONTHLY OPERATING REPORT
                                INCOME STATEMENT
                        (Business Debtor, Accrual Basis)
                        For the Month Ended May 31, 2002
               (All figures refer to post-petition transactions)



                                        This Month                 Year to Date
================================================================================
A. TOTAL SALES/INCOME                 $                       $
================================================================================
COST OF SALES:
--------------------------------------------------------------------------------
     Purchases of Inventory           $                       $
--------------------------------------------------------------------------------
     Purchased Services               $                       $
--------------------------------------------------------------------------------
     Other: (Identify)                $                       $
--------------------------------------------------------------------------------
     ___________________
================================================================================
B. SUBTOTAL Cost of Sales             $                       $
================================================================================
C. GROSS PROFIT (A - B)               $                       $
================================================================================
OPERATING EXPENSES:
--------------------------------------------------------------------------------
     Professional Fees
     (Atty. Acct.)                    $ 292,730.00            $ 1,571,107.00
================================================================================
D.  SUBTOTAL Operating Expenses       $ 292,730.00            $ 1,571,107.00
================================================================================
E.  PROFIT/LOSS FROM OPERATION        $ (292,730.00)          $ (1,571,107.00)
    (C-D)
================================================================================
Other Income (Expenses)
--------------------------------------------------------------------------------
     Interest Expense                 $ (260,195.00)          $ (1,393,981.00
--------------------------------------------------------------------------------
     Interest Income                  $ 2.00                  $ 11.00
--------------------------------------------------------------------------------
     Amortization                     $                       $
--------------------------------------------------------------------------------
     ________________________                                 $
================================================================================
F. SUBTOTAL Other Income (Expenses)   $ (260,193.00)          $ (1,393,970.00)
================================================================================
G. Income Tax Expense                                         $
================================================================================
H. NET INCOME (LOSS) (E+F-G)          $ (552,923.00)          $ (2,965,077.00)
================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.





                                                                          FORM 6
                                                                       Continued

   Case Number 01-25013 Debtor: Startec Global Communications Corporation ion
                        SCHEDULE AR (Accounts Receivable)
                               As of May 31, 2002
                      (List Post-Petition Receivables Only)


NOT APPLICABLE TO DEBTOR - No Trade Accounts Receivable
================================================================================
Debtor (Due From)    Total Due      Date Incurred     Past Due        Past Due
                                                     31-60 Days     Over 60 Days
================================================================================

--------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.



   Case Number 01-25013 Debtor: Startec Global Communications Corporation ion
                         SCHEDULE AP (Accounts Payable)
                               As of May 31, 2002
                       (List Post-Petition Payables Only)

NOT APPLICABLE TO DEBTOR  - No Accounts Payable
================================================================================
Due to      Total Due        Date Incurred         Past Due           Past Due
                                                  31-60 Days        Over 60 Days
================================================================================

--------------------------------------------------------------------------------

================================================================================

NOTE: Accrual basis reporters must attach Forms Nos. 8 and 9 (the Cash
Reconciliation Reports) or a standard Statement of Sources and Uses of Cash to
this Report.




                                                                          FORM 8


                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re: Startec Global Communications Corporation          ) CHAPTER 11
                                                          ) Case 01-25013
                                                          )
                       Debtors (s)                        )


                           CASH RECONCILIATION REPORT
                                Operating Account
                        (Business Debtor, Accrual Basis)

                        For the Month Ending May 31, 2002
               (All figures refer to post-petition transactions)



                                       Operating Account           Totals
================================================================================
A.  Beginning Cash Balance
    from Balance Sheet                                          $ 1,905.00
================================================================================
B. Net Income for month                                        +$ (552,923.00)
================================================================================
Expenses not requiring cash:
--------------------------------------------------------------------------------
        Interest                                                $ 260,195.00
--------------------------------------------------------------------------------
        Unearned Compensation                                   $
================================================================================
C. SUBTOTAL Expenses Not
   Requiring Cash                    +$ 260,195.00
================================================================================
D. Total Cash from Operations
   (A+B+C)                                                     =$ (290,823.00)
================================================================================
Other Sources/Uses of Cash:
--------------------------------------------------------------------------------
       Decrease (Incr) -
       Deferred financing fees        $
--------------------------------------------------------------------------------
       Decrease (Incr) -              $
--------------------------------------------------------------------------------
       Increase (Decr) -
       Accrued Expenses               $
--------------------------------------------------------------------------------
       Increase (Decr) -
       Intercompany Payable           $ 92,731.00
--------------------------------------------------------------------------------
       Increase (Decr) -
       Investment in Subsidiaries     $
--------------------------------------------------------------------------------
       Increase (Decr) -
       Accrued Prof. Fees             $ 199,999.00
================================================================================
E. Subtotal Other Sources/Uses
   of Cash                                                     +$ 292,730.00
================================================================================
F. Ending Cash Balance (D+E)                                   =$ 1,907.00
--------------------------------------------------------------------------------
       Ending Balance per Bank
       Statement CMA                                              1,361.00
--------------------------------------------------------------------------------
       Ending Balance per Bank
       Statement Premier                                          546.00
--------------------------------------------------------------------------------
       Less Outstanding Checks       -$
--------------------------------------------------------------------------------
       Adjustment                    +$
--------------------------------------------------------------------------------
       Add Deposits in Transit       +$
================================================================================
G. RECONCILED BANK BALANCE                                    =$ 1,907.00
================================================================================


    Ending Cash Balance (F) and Reconciled Bank Balance (G) Should be Equal.
                             Attach Bank Statements.





                                                                         FORM 10

                         UNITED STATES BANKRUPTCY COURT
                          FOR THE DISTRICT OF MARYLAND
                         OFFICE OF UNITED STATES TRUSTEE

In re:  Startec Global Communications Corporation  )         CHAPTER 11
                                                   )         Case No.01-25013 DK
                                                   )

                                  BALANCE SHEET
                               As of May 31, 2002


                                         Asset                      Total
================================================================================
Current Assets:
--------------------------------------------------------------------------------
    Cash                               $ 1,907
--------------------------------------------------------------------------------
    Receivables from Officers,
    Employees, Affiliates
--------------------------------------------------------------------------------
    Notes Receivables Stocks
--------------------------------------------------------------------------------
    Inventory
--------------------------------------------------------------------------------
    Other Current Assets:              $ 34,224
================================================================================
A.  SUBTOTAL Current Assets                                    $ 36,131
================================================================================
Fixed Assets:
--------------------------------------------------------------------------------
    Equipment, Furniture & Fixtures
--------------------------------------------------------------------------------
    Less:  Accumulated Depreciation
================================================================================
B.  SUBTOTAL Fixed Assets                                      $
================================================================================
Other Assets:  (Identify)
--------------------------------------------------------------------------------
    Investments                        $ 1,918,393
--------------------------------------------------------------------------------
    Pledged securities                 $ 5,882
--------------------------------------------------------------------------------
    Deferred financing fees            $ 4,585,316
--------------------------------------------------------------------------------
    Investment in affiliates (1)       $ 227,271,238
================================================================================
C.  SUBTOTAL  Other Assets                                     $ 233,780,829
================================================================================
D.  TOTAL ASSETS (A+B+C)                                       $ 233,816,960
================================================================================







                                             Liability            Total
================================================================================
Post-Petition Liabilities:
--------------------------------------------------------------------------------
    Accrued expenses                        $ 1,330,326
--------------------------------------------------------------------------------
    Intercompany Payable                    $ 218,680
--------------------------------------------------------------------------------
    Notes Payable
--------------------------------------------------------------------------------
    Accrued interest on secured debt        $ 1,557,877
================================================================================
E.  SUBTOTAL Post-Petition Liabilities                        $ 3,106,883
================================================================================
Pre-Petition Liabilities:
--------------------------------------------------------------------------------
    Priority Claims                         $
--------------------------------------------------------------------------------
    Intercompany payable                    $ 70,308,532
--------------------------------------------------------------------------------
    Secured Debts                           $ 39,904,224
--------------------------------------------------------------------------------
    Unsecured Debts                         $ 169,027,027
================================================================================
F.  SUBTOTAL Pre-Petition Liabilities                          $ 279,239,783
================================================================================
Stockholders' Equity (Deficit):
--------------------------------------------------------------------------------
    Common Stock                            $ 165,533
--------------------------------------------------------------------------------
    Unearned Compensation                   $ (74,200)
--------------------------------------------------------------------------------
    Additional Paid-in Capital              $ 133,729,414
--------------------------------------------------------------------------------
    Retained Earnings (deficit):
--------------------------------------------------------------------------------
         Pre-Petition                       $ (179,136,259)
--------------------------------------------------------------------------------
         Post-Petition                      $ (3,214,194)
================================================================================
G.  SUBTOTAL Stockholders' Equity                              $ (48,529,706)
================================================================================
H.  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (E+F+G)         $ 233,816,960
================================================================================

(1) Represents the carrying value of investment in affiliates. Does not include
any adjustments to reflect current market value and/or the equity in income or
loss of affiliates.