27 Feb 2013

Marshall Islands parliament considers supplementary budget

11:18 am on 27 February 2013

The Marshall Islands parliament is considering a 32.7 million US dollar supplementary budget, following its introduction last week by Minister of Finance Dennis Momotaro.

The budget, if approved, would supplement a 144.2 million dollar budget passed last September.

The majority of the supplementary budget, however, does not represent cash grants or tax revenue.

Three aid projects from Japan account for 22.1 million dollars of the total supplemental budget, all of which is provided as in-kind aid.

These Japan-funded projects include 16 million for two ships now under construction in Japan, 3 million for heavy equipment recently provided to the Ministry of Public Works, and 3.1 million for reverse osmosis equipment that is soon to be provided to the Ministry of Resources and Development.

Another 2.5 million in the supplementary budget is specific aid projects from the United Nations, European Union, World Bank, Australia and Asian Development Bank.

There is also 925,500 dollars from a combination of the Interior Department, Australia, Asian Development Bank and the UNDP that are also for specific projects.

The actual revenues identified in the new budget include 4 million from Marshall Islands Marine Resources Authority, 1 million from the country's ship registry, 1.8 million from Taiwan and 300,000 from taxes for a total of 7.1 million.