The World Bank has approved an additional $9 million in financing to help the Marshall Islands manage high energy costs.
The Marshall Islands is among the countries that are most dependent on imported fuel, food and essential goods, and it has been hit hard by disruptions in global energy markets, according to the World Bank.
The national government declared a state of emergency in March, and has taken steps to cushion households, stabilize essential services and contain fiscal pressures.
Fishing, the country’s largest source of revenue, is expected to decline. Fuel costs have tripled, and families face higher prices for electricity, food and transportation.
Outer-island communities, which depend on sea freight for essential supplies, are especially vulnerable, according to the World Bank.
The $9 million is in addition to $21 million approved by the bank in July 2024 to support stronger fiscal management and disaster and climate resilience.