WASHINGTON, 16 OCTOBER 2017 (US GOVT/MARIANAS VARIETY)–— U.S. Department of the Interior’s Assistant Secretary for Insular Areas Doug Domenech has announced the payment of US$30,819,840 to the Compact Trust Fund for the people of the Federated States of Micronesia.
As provided for under the Compact of Free Association agreement, as amended (U.S. Public Law 108-188), the trust fund was established to contribute to the economic advancement and long-term budgetary self-reliance of the people of the Federated States of Micronesia when annual grant assistance under the Compact expires after fiscal year 2023. This annual U.S. payment to the Trust Fund follows a schedule as per Section 216 of the Compact, as amended.
“These funds represent a continuing commitment of the U.S. government to the people of the Federated States of Micronesia now and towards 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.”
Trust Fund Chairman and Office of Insular Affairs Director Nik Pula noted the value of the Trust Fund for the people of the Federated States of Micronesia as of June 30, 2017, was $543,540,314, a preliminary and unaudited figure for fiscal year 2017….PACNEW [/restrict]