Monday, 26 April 2021, 4:49 pm
The Asian Development Bank (ADB) has approved
policy-based loans amounting to $25 million to help
Palau’s economy rebound from the coronavirus disease
(COVID-19) pandemic.
The Recovery through Improved
Systems and Expenditure Support Program will help strengthen
public financial management in the country, reduce fiscal
risks, and support private sector development to restore
sustained and equitable economic growth.
“This
support will help Palau’s tourism-dependent economy bounce
back from the impact of COVID-19 and drive it toward a more
sustainable fiscal path,” said ADB Public Sector Economist
Rommel Rabanal. “This, in turn, will translate to improved
living standards for current and future generations of
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ADB Approves $25 Million to Help Palau s Recovery from COVID-19
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The Liberty Times Editorial: New alliance signals a better future
Palauan President Surangel Whipps Jr chose Taiwan for his first foreign visit after taking office in January, and on Thursday the inaugural trip under the Taiwan-Palau “travel bubble” arrangement left for Palau. These demonstrate the close relations between the two countries, and that their citizens are at low risk of contracting COVID-19.
More importantly, the two nations occupy strategic positions in the first and second island chains, and their joint response to the challenges of the post-pandemic era shows that they expect to play an integral role in the Asia-Pacific region.