Compact III agreements signed in Palikir, after the planned Port Moresby signing was cancelled.

What happened

The signing was moved to Palikir after President Biden cancelled his trip to Papua New Guinea. FSM chief negotiator Leo A. Falcam Jr. and US chargé d’affaires Alissa Bibb signed three agreements: changes to the Compact, updated fiscal procedures and an updated trust fund agreement. President Simina called it “cause for celebration in the life of our young country.”

Why it matters

These agreements began the third Compact funding era, worth $3.3 billion to the FSM through 2043.