MARSHALL ISLAND

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Context

According to Reuters, the United States signed a new 20-year pact with the Marshall Islands on Monday for $2.3 billion in economic support to the vital Pacific island nation.

About

• The Marshall Islands (RMI) are an island nation in the western Pacific Ocean.
• The chain consists of five volcanic islands and 29 coral atolls.
• Majuro is the capital.
• English and Marshallese are the official languages.
• It is a presidential republic with a parliamentary system of government.
• The Marshall Islands' President is both the head of state and the head of government.
• Agriculture and tourism are the economic backbone of the country.
• The US dollar is the official currency.
• RMI was the first country to launch its own cryptocurrency and validate it as legal cash in 2018.

History of this Island

• Various nations have ruled the islands over the ages, notably Spain from the late 1400s to the late 1800s, Germany from 1885 to World War I, and Japan from 1914 to World War II.
• Following WWII, the RMI became a part of the United Nations (UN) Trust Territory of the Pacific Islands, which was administered by the United States (US).
• Following the signing of the Constitution, the RMI Government was formally created in 1979.
• The Republic of the Marshall Islands acquired independence in 1986 after signing the Compact of Free Association with the United States, effectively ending the UN-US Trusteeship Agreement.

Free Association Agreement with the United States:

• It offers the Marshall Islands financial support, defense protection, and access to U.S. government services.
• The Compact recognizes the right of RMI to self-government and aspires to promote economic development and fiscal self-sufficiency.
• The United States holds all power and responsibility for the Marshall Islands' security and defense.