WASHINGTON, D.C. (November 21, 2022)– The Trust Fund Committee of the Trust Fund for the People of the Republic of the Marshall Islands (the Fund) conducted its Fiscal Year 2022 (FY22) fourth quarter meeting on October 27 (EDT) and 28 (Majuro) via videoconference where the Trust Fund Committee Members reviewed the Fund’s investment performance, approved the Fiscal Year 2023 investment and administrative budget, and conducted other Fund business. The Trust fund Committee Members also reviewed their fiduciary responsibilities with the Trust Fund’s legal counsel.
For September, the last completed month of the performance review, the Fund decreased by 7.4%, net of fees, (benchmark -8.2%) resulting in a net asset value of $567,603,786. For FY22 ending September 30th, the Fund was down 18.0%, net of fees, also outperforming a benchmark of -19.1%. The members recognized the latest contributions to the Fund since they last met: on October 4, consistent with the Compact of Free Association, as Amended, a U.S. contribution in the amount of $22,020,900; on May 10, an RMI government contribution of $5 million resulting from the U.S. Congress providing compensatory adjustments for the loss of certain tax and trade provisions of the original Compact of Free Association, consistent with Section 216(b) of the Compact and Section 108(b) of U.S. Public Law 108-188; and a May 6 contribution of $2.4 million from Taiwan. All contributions were invested according to the Investment Policy Statement.
The next meeting of the Fund will take place in December for the first quarter of Fiscal Year 2023.
As stated in Article III of the Agreement Between the Government of the United States of America and the Government of the Republic of the Marshall Islands Implementing Section 215 and Section 216 of the Compact, as Amended, regarding a Trust Fund, the purpose of the Fund is to contribute to the economic advancement and long-term budgetary self-reliance of the Republic of the Marshall Islands by providing an annual source of revenue after Fiscal Year 2023. For more information on the Fund, visit the official website at https://rmicfatf.com/.