Republic of the Marshall Islands

The World Bank approves an additional US$9 million in financing to help the Republic of the Marshall Islands manage sharply higher energy costs affecting households, businesses, public services, and the national budget. The Republic of the Marshall Islands is in the news due to this financing decision.

Republic of the Marshall Islands (RMI): 

Dimension	Key Details
Location	The Republic of the Marshall Islands is located in the central Pacific Ocean, and lies northeast of Papua New Guinea and southeast of the Federated States of Micronesia.
Composition	RMI comprises 29 low-lying coral atolls consisting of 1,156 individual islands and islets.
Island chains	The atolls and islands form two parallel chains: Ratak (Sunrise) chain and Ralik (Sunset) chain, and both are oriented in a northwest-southeast direction.
Capital	The capital is Majuro.
Official languages	The official languages are English and Marshallese.
Government system	RMI is a presidential republic with a parliamentary system, and 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	The official currency is the US dollar.
Cryptocurrency (2018)	In 2018, RMI becomes the first country to issue its own cryptocurrency and certify it as legal tender.
Government establishment	The RMI Government is officially established in 1979, following the signing of the Constitution.
Independence (1986)	RMI gains 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.