SAIPAN – The $15 million loan from Marianas Public Land Trust is just a portion of the amount needed to reimburse the Typhoon Yutu recovery costs, Finance Secretary David Atalig said on Saturday.
In an interview, he said the MPLT loan “is assisting us in recovering some of the moneys waiting for reimbursements (from the Federal Emergency Management Agency),” referring to the expenses the CNMI government incurred after Supertyphoon Yutu slammed into Saipan and Tinian in Oct. 2018.
Public Law 21-3, as amended by P.L. 21-6, allows the government to borrow $15 million from MPLT.
A loan agreement between MPLT and the central government will be signed this week, MPLT Chairman Martin Ada said.
He noted that P.L. 21-3 requires that the MPLT loan will be used strictly for the reimbursement of the government’s recovery expenses.
Atalig also expects the CNMI to receive $2.2 million from FEMA soon.