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Taiwan through its Ambassador Wallace Chow, has informed Palau government that it will suspend payment of interest and principal of the six loans Palau currently have with Taiwan for two years.
This is nearly a million dollars that Palau will not need to budget for and pay for each year for the next two years, reported President Tommy E. Remengesau Jr. to the State and Traditional Leaders.
Remengesau said he will formally extend Palau’s appreciation to Republic of China-Taiwan, for their friendship and their help.
With Palau expected to have US$35million revenue shortfall in 2021 and US$21 million in 2022, the suspension of the loan payments will help Palau government with its operating expenses.
Minister of Finance Elbuchel Sadang reported that they have also requested Asian Development Bank(ADB) for loan payment deferment but so far have not received a response to the request.
SOURCE: ISLAND TIMES/PACNEWS
Pacific Islands News Association
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