FSM economic relief for tourism businesses ready for release

FSM President David Panuelo

FSM President David Panuelo meets with members of 21st Congress of the Federated States of Micronesia' during their Fourth Regular Session on May 11, 2020. Photo courtesy of FMSIS

Palikir, Pohnpei— The first batch of checks amounting to $500,000 in relief assistance will be released on March 13 to tourism-related businesses in the Federated States of Micronesia that are affected by the Covid-19 pandemic, the Office of the President announced Tuesday.

The initial release is part of the $1 million allotment for Tourism Sector Mitigation Fund, which provides relief assistance to hospitality businesses that have lost sources of revenue as a result of the government's coronavirus-related ban on the entry of foreign travelers into the FSM.

The Tourism Sector Mitigation Fund is a component of the $15 milion economic stimulus package established by Public Law 21-105, which temporarily diverts funding from the nation’s fishing access fees and from revenue derived from major corporations to the economic stimulus package.

During the 21st Congress of the Federated States of Micronesia's Fourth Regular Session on May 11, FSM President David Panuelo and Vice President Yosiwo P. George solicited the legislators' support for expanding the economic stimulus package to include other sectors of the FSM’s economy. Panuelo and George sought legislation intended to allow this functionality.