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Marshall Islands fisheries revenue expected to drop 20 percent


Giff Johnson, Editor, Marshall Islands Journal / RNZ Pacific correspondent
The Marshall Islands Marine Resources Authority is expecting its revenue from the commercial tuna fishery to decline this year for the first time in eight years of income growth.
The authority currently injects close to $30 million annually into the Marshall Islands national budget - accounting for between 10 and 15 percent of the government s total annual revenue. But the authority is predicting a $4 million to $6 million decline in revenues for 2020.
This is because it has seen multiple revenue streams decline, according to MIMRA Director Glen Joseph. These include the vessel day scheme (VDS), which is the foundation of the Parties to the Nauru Agreement (PNA) management system for the purse seine fishery in the region. MIMRA revenues have skyrocketed since full implementation of the VDS 10 years ago. ....

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