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Interior provides $5M for RMI trust fund
The U.S. Department of the Interior’s Office of Insular Affairs has provided $5 million in funding to the Republic of the Marshall Islands as provided by Congress for tax and trade economic compensation due to adverse financial and economic impacts under the Compact of Free Association. Congress designated that this funding be deposited to the Compact Trust Fund for the People of the Republic of the Marshall Islands.
“These funds will bolster the Trust Fund corpus and supports the goals under the Compact of Free Association agreement that our two nations share,” said OIA director, chairman of the Compact Trust Funds, and acting assistant secretary Nikolao Pula.
Made available through the Consolidated Appropriations Act of 2021, the funds will be deposited to the Compact Trust Fund as required by law and supplements an earlier payment of $5 million authorized by Congress in January 2020 for the same purpose.
As provided for under the Compact of Free Association agreement, the Compact Trust Fund was established to contribute to the economic advancement and long-term budgetary self-reliance of the people of the Marshall Islands when annual grant assistance under the Compact expires at the end of fiscal year 2023. (PR)
