A total of $30,819,840 from the U.S. Department of the Interior has been remitted to the Compact trust fund for the Federated States of Micronesia, according to assistant secretary for Insular Areas Doug Domenech.
At the same time, a total of $16,854,600 has been paid out to the compact trust fund for the Republic of the Marshall Islands.
An additional partial payment of $9,070,200 was also provided separately to the Marshall Islands for ongoing use of the Kwajalein Atoll, a missile defense test site.
As provided for under the Compact of Free Association agreement, both trust funds were established to contribute to the economic advancement and long-term budgetary self-reliance of the people of the FSM and the Marshall Islands, when annual grant assistance under the Compact expires after fiscal year 2023.
This annual U.S. payment to both trust funds follows a schedule as per Sections 216 and 217 of the Compact.
“These funds represent a continuing commitment of the U.S. government to the people of the [FSM and the] Marshall Islands now and toward the future under the Compact of Free Association,” said Domenech. “The funds were transferred as soon as possible in the new fiscal year to ensure timely opportunities for investment and maximum growth.”
Nik Pula, Office of Insular Affairs director and trust fund chair, said the value of the FSM trust fund as of June 30, 2017, was $543,540,314, a preliminary and unaudited figure for fiscal year 2017.
In the case of the Marshall Islands’ trust fund, its value as of June 30, 2017, was $341,576,083, again a preliminary and unaudited figure for fiscal year 2017.
For more information on both trust funds visit https://fsmcfatf.com and https://rmicfatf.com/. (PR)