Pacific

Sum of Measures 1—5 (Total Package)

Total Package in USD Million: 42.00
% of GDP (2019): 19.09%
% of Regional Total Package: 1.64%
Package Per Capita in USD: 719.02
Note: Measures 9 and 10 are added to the sum of Measures 1-5.
Measure Amount (Local) Amount (USD) Details Update Source
01 - Liquidity Support info_outline
01A - Short-term lending info_outline
01B - Support policies for short-term lending info_outline
01C - Forex operations info_outline
02 - Credit creation info_outline
02A - Financial sector lending/funding info_outline
02B - Support policies for long-term lending info_outline
02C - Loan guarantees
03 - Direct long-term lending info_outline
03A - Long-term lending info_outline
03B - Forbearance
04 - Equity support info_outline
05 - Government support to income/revenue USD42,000,000 USD42,000,000

April, The government has formulated a Coronavirus Disease Preparedness and Response Plan and is preparing preventive measures amounting to about USD7 million, including construction of quarantine units, purchases of medical equipment, installment of washing stations, and funding for overtime of health workers. May 19, The cost of the Plan (also being referred to as COVID-19 Pandemic Response Plan) that currently stands at USD37 million now includes education and logistics cluster needs. The funds from the reprogrammed 1st and 2nd quarter unused salaries from the General Fund and the financial assistance from bilateral and multilateral partners have assisted the Government with its preparatory work for the entire Marshall Islands, as well as, provide some economic relief to the private sector most affected by the COVID-19. As of July 30, The Government has approved a budget of USD42 million for the national preparedness plan in response to the global health pandemic on COVID19.

05A - Health
05B - Non-health

No amount/estimate: As of August 7, 23 local businesses received financial assistance under the Pandemic (COVID-19) Economic Relief Program (PCERP).

06 - Budget reallocation info_outline USD2,200,000 USD2,200,000

May 19, The Cabinet approved a reprogramming of USD2.2 million from 1st and 2nd quarter unused salaries from the General Fund to finance the Coronavirus Disease Preparedness and Response Plan.

07 - Central bank financing government
07A - Direct lending & reserve drawdown
07B - Secondary purchase: government securities
08 - International Assistance Received USD21,613,813 USD21,613,813
08A - Swaps info_outline
08B - International loans/grants USD21,613,813 USD21,613,813
08B1 - Asian Development Bank USD8,180,000 USD8,180,000

(i) March 31, USD0.37 million under the COVID-19 Emergency Response project; (ii) April 15, USD0.02 million under the Strengthening Social Protection in the Pacific project; (iii) April 21, USD6 million under the Pacific Disaster Resilience Program (Phase 2); (iv) April 24, USD0.13 million under the Developing the Pacific Health Sector (Additional Financing) project; (v) April 30, USD0.71 million is the estimated support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases. As of July 13, the estimated support amounted to USD0.59 million; (vi) June 5, USD0.14 million under Pacific Economic Management, Phase 3 (Additional Financing); (vii) July 24, USD0.04 million under the Strengthening Social Protection in the Pacific (Additional financing); (viii) July 29, USD0.63 million under the COVID-19 Emergency Response; (ix) August 10, USD0.20 million under the Knowledge and Support Technical Assistance for Strengthening Water, Sanitation, and Hygiene Practices and Hygiene Behavioral Change in the Pacific; (x) August 12, USD0.06 million under the Support for gender sensitive responses to COVID-19 in the Pacific Developing Member Countries.

08B2 - Other USD13,433,813 USD13,433,813

(i) March 24, USD73,802 under Marshall Islands Coronavirus (COVID-19) Awards through the Health Resources and Services Administration (HRSA); (ii) March 27, USD3,894,720 through the DOI Office of Insular Affairs’ Technical Assistance Program under the CARES Act; (iii) Announced on March 16 and supplemented on April 1, USD1,103,263.40 through the Centers for Disease Control and Prevention (CDC); (iv) March 30, USD26,168 through the Department of Health and Human Services (HHS), Office of the Assistant Secretary for Preparedness and Response (ASPR); (v) April 8, USD853,055 under Marshall Islands CARES Supplemental Funding Awards through the Health Resources and Administration; (vi) April 18, The World Bank approved a USD2.5 million emergency project for the Republic of Marshall Islands to support the country’s fight against COVID-19. The grant will provide rapid support to better prevent and respond to the threat posed by the coronavirus and support longer term systems strengthening for public health emergencies; (vii) May, USD216,139 under Marshall Islands Expanding Capacity for Coronavirus Testing Awards through the Health Resources and Services Administration; (viii) June 12, Approximately USD3 million under the Government of Japan’s Economic and Social Development Program for procuring medical equipment that is particularly timely during this COVID-19 pandemic; (ix) No amount/estimate: The RMI received GeneXpert testing kits from the Government of Australia which are part of the Australian Government’s support to strengthen the RMI’s capability in combating COVID-19; (x) June 25, USD1 million from Taipei,China that will be utilized by Neighboring Islands Preparedness Plan under the RMI Coronavirus (COVID-19) Pandemic Preparedness and Response Plan; (x) No amount/estimate: August 22, The US Department of Labor approved the RMI’s Implementation Plan further to the RMI’s eligibility for the Pandemic Unemployment Assistance (PUA) under the CARES Act. PUA benefits are payable up to 39 weeks; (xi) September 1, The US Department of Labor announced USD100,000 in funding to support state efforts to combat fraud and recover improper payments in the Unemployment Insurance (UI) program, including those programs created under the Coronavirus Aid, Relief and Economic Security (CARES) Act [update]; (xii) September 5, USD666,666 is awarded as airport safety and infrastructure grants through the US Federal Aviation Administration (FAA) under the Airport Improvement Program (AIP) [update].

09 - International Assistance Provided
09A - Swaps info_outline
09B - International loans/grants
10 - No breakdown
11 - Other Economic Measures

April, Since U.S. dollar is the legal tender of Marshall Islands, there is no monetary measure and no exchange rate and BOP measures.

12 - Non-Economic Measures

(i) January 24, Travel restrictions from affected countries have been imposed; (ii) March 8, Entry of all international travelers by commercial flight has been suspended; (iii) April, To ensure food and other supplies, container vessels and fuel tankers have been exempted from entry restrictions, but with strict safety requirements including prohibition of human contacts and a minimum of 14 days between departure from ten restricted countries and arrival in Marshall Islands; (iv) May, To ensure continuity of transshipment services, a limited number of carrier vessels and purse seiners can enter Marshall Islands for transshipment, after spending 14 days at sea and only after clearance by corresponding agencies; and (v) Container vessels and fuel tankers that have a history of entering Majuro and Ebeye ports with same crew and corresponding health records can enter ports (no disembarkation) without 14-day quarantine.