Interior Transfers Payment of $31 Million to Compact Trust Fund for the People of the Federated States of Micronesia

WASHINGTON (October 11, 2017) – U.S. Department of the Interior’s Assistant Secretary for Insular Areas Doug Domenech has announced the payment of $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. 

For more information on the Trust Fund visit the website at https://fsmcfatf.com.

The Department of the Interior is responsible for coordinating federal policy with respect to the territories of American Samoa, Guam, the U.S. Virgin Islands, and the Commonwealth of the Northern Mariana Islands, and administering and overseeing U.S. federal assistance provided under the Compacts of Free Association to the freely associated states of the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau.  The Office of Insular Affairs mission is to foster economic opportunities, promote government efficiency, and improve the quality of life for the people of the insular areas.

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