The Republic of Palau became the second Micronesian country to initial a new compact deal with the u.s.

It will receive nearly $900 million, almost triple what it was previously getting.

The U.S. will continue with strategic denial rights over foreign countries for Palau's territorial waters and land.

President Surangel Shipps had called for renewed discussions, calling the previous amounts being discussed "unacceptable."

Finance Minister Kaleb Udui was Palau's lead representative in the negotiations.

"We're also looking for our long-term prospects for the country to build and be more self-reliant and independent of the economic and climate change shocks," he said. "We still have a bit more negotiating to do on specific federal programs, and other things that we would like to see, but the main part of the compact, the financial package, economic assistance has been negotiated and I think in terms of comparison from where we were and where we are, we're in a much better position now."

In a statement, Whipps said, “This new agreement doesn't give us everything we want but it does help us in many of areas of need, helping us push toward a stronger and more resilient economy."

He also said, "It also allows us to live up to the COFA commitment we made to the U.S. in terms of defense and security and reiterates our commitment to the pivotal role we play in a safe and secure Indo-Pacific region."

The federated states of Micronesia initialed their compact deal on Monday.

Both documents are expected to be formally signed later this month.