US, FSM sign a memorandum of understanding on new Compact deal
Updated: Feb 12
By Pacific Island Times News Staff
The United States has signed a memorandum of understanding with the Federated States of Micronesia agreeing on the renewal of Washington's economic assistance to the Pacific island nation under the Compact of Free Association.
According to a statement from the U.S. Department of State, the MOU "confirms our shared vision for a strong and enduring partnership that will continue to benefit both nations and the entire Pacific region."
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The announcement released Feb. 11 did not include details of the new agreement. But FSM President David Panuelo earlier announced that his meeting with White House officials in the last week of January yielded a $7 billion pledge in new aid over 20 years.
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Panuelo: FSM clinched a $7B deal
The U.S. funding and program provisions under Title II of the compact are set to expire on Sept. 30, 2023.
The MOU, according to the State Department, reflected "our shared understanding reached on levels and types of future U.S. assistance to be requested for the Federated States of Micronesia."
Carmen G. Cantor, assistant secretary for Insular and International Affairs, signed the MOU with Jackson T. Soram, deputy chief of mission of the FSM embassy in Washington. They were joined by Jane Blocklage, deputy to special presidential envoy for compact negotiations, and Raleigh Welly, first secretary of the FSM.
The U.S. earlier signed separate memorandums of understanding with the Marshall Islands and Palau.
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