Marshall Islands

Marshall Islands Latest News

The World Bank recently approved an additional US$9 million in financing to help the Republic of the Marshall Islands manage sharply higher energy costs that are affecting households, businesses, public services and the national budget.

About Marshall Islands

• The Republic of the Marshall Islands (RMI) is a country located in the central Pacific Ocean.
• It lies northeast of Papua New Guinea and southeast of the Federated States of Micronesia.  
• It consists of 29 low-lying coral atolls comprising 1,156 individual islands and islets. 
• These atolls and islands form two parallel chains referred to as the Ratak (Sunrise) chain and Ralik (Sunset) chain that are both oriented in a northwest-southeast direction.   
• Capital: Majuro
• Official languages: English and Marshallese
• Government:
  • It is a presidential republic with a parliamentary system.
  • The President is both the head of state and the head of government.
• Economy: Agriculture and tourism are the mainstays of the economy.
• Official Currency: US dollar 
• In 2018, RMI became the first country to issue its own cryptocurrency and certify it as legal tender.
• History:
  • The islands have been under the control of various nations throughout the last few centuries, including Spain from the late 1400s to the late 1800s, Germany from 1885 to World War I, and Japan from 1914 to World War II.
  • After World War II, the RMI became a part of the United Nations (UN) Trust Territory of the Pacific Islands under the United States (US) administration.
  • The RMI Government was officially established in 1979, following the signing of the Constitution.
  • The RMI gained its independence in 1986 after signing the Compact of Free Association with the US, ending the UN-US Trusteeship Agreement.
• Compact of Free Association with the United States:
  • It provides the Marshall Islands with financial assistance, defense protection, and access to U.S. government programs.
  • The Compact recognises RMI’s right to self-government and seeks to promote economic development and budgetary self-reliance.
  • The United States has full authority and responsibility for security and defense of the Marshall Islands.

Source: DEVD

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