31 Mar 2014

Marshalls names new Finance Minister

3:00 pm on 31 March 2014

The Marshall Islands President has named Jack Ading as the new finance minister, following last week's resignation of Dennis Momotaro.

Our correspondent Giff Johnson says Mr Momotaro's resignation was due to fallout from the nomination of the former Lebanese security chief Jamil el-Sayed as the Marshall Islands Ambassador to UNESCO.

Mr Momotaro was the only Cabinet member to break ranks during a vote of no confidence brought against the Cabinet over the nomination earlier in March.

Mr Ading served a full four-year term as Finance Minister under two presidents from 2008 to 2012.

He was credited with stabilising the Marshall Islands loan payments to the Asian Development Bank in 2008 and improving the country's fiscal position.

Mr Momotaro is the fifth Cabinet member in the 35 years of constitutional government to resign his post.