The United States Department of the Interior has announced the payment of $US31 million to the Compact Trust Fund for the people of the Federated States of Micronesia.
As provided for under the Compact of Free Association agreement, the trust fund was established to contribute to the long-term self-reliance of the the FSM when annual grant assistance under the Compact expires after fiscal year 2023.
The department's secretary for insular areas Doug Domenech said the payment demonstrated the US government's commitment to the future of the FSM.
Trust Fund chair and department director Nik Pula said the fund was valued at $US543 million at the end of June.
