WASHINGTON, D.C. (October 4, 2023)– The Trust Fund Committee of the Trust Fund for the People of the Republic of the Marshall Islands (the Fund) conducted a business meeting on September 28 (EDT) and 29 (Majuro) via teleconference. The Trust Fund Committee Members approved a distribution from the Fund to the Republic of the Marshall Islands (RMI) government for fiscal year 2024 and discussed distribution monitoring, reporting and review.
The Committee approved a resolution to distribute a total of $19,405,982 to the RMI government consisting of $10,317,619 for the education sector, $8,530,797 for the health sector and $557,566 for infrastructure management. The funds will be distributed in equal amounts of $1,617,165.17 per month on or about the first day of the month. The first disbursement was transferred to the RMI government on October 2 so health, education and infrastructure management programs and services could continue unimpeded for fiscal year 2024. The disbursements will continue pending the RMI government submitting remaining information and meeting other requirements including monitoring, evaluation and reporting as specified by Committee resolutions and the 2003 Amended Compact of Free Association and related agreements. The Committee will review the sufficiency of the information and meeting of requirements by March 1, 2024.
The Committee agreed to discuss monitoring and evaluation frameworks and reporting prior to and during its next scheduled quarterly Committee meeting in late November or early December. The Committee noted future distributions and discussions may be affected by ongoing Amended Compact of Free Association negotiations between the RMI and US governments and the approval of any negotiated agreement by the respective governments.
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/.