World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search


ADB Approves $25 Million To Help Palau’s Recovery From COVID-19

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 Palauans.”

The assistance is the first phase of a program developed in partnership with the Government of Palau to implement key reforms to safeguard fiscal sustainability and support recovery from the pandemic. As part of the program, the government is introducing overarching fiscal responsibility legislation that will guide efforts to strengthen management of public revenue, expenditure, debt, and fiscal buffers. Further private sector development, which will be critical for longer-term growth, is supported by the program through improvements in regulatory frameworks covering business registrations, public–private partnerships, and international arbitration.

Subprogram 1 supports reforms that will help reduce fiscal risks from weak management of public revenue and expenditure. Since COVID-19 impacts have necessitated substantial borrowing, greater domestic resource mobilization, more efficient public spending, and improved debt management will be vital to create sufficient fiscal space to service debt. Subprogram 1 supports the design and development of a tax reform package and the development of a bill for external debt management which will help strengthen the review of economic implications of new borrowing, while improving debt transparency.

The program builds on previous ADB policy-based operations and public sector management work in Palau, while supporting ADB’s Strategy 2030 objectives of strengthening governance and institutional capacity.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

© Scoop Media

World Headlines


IPPPR: The Independent Panel Calls For Urgent Reform Of Pandemic Prevention And Response Systems

Expert independent panel calls for urgent reform of pandemic prevention and response systems The Independent Panel for Pandemic Preparedness and Response is today calling on the global community to end the COVID-19 pandemic and adopt a series of bold and ... More>>

NGO Coalition On Human Rights: Call For A Stop To Police Brutality In Fiji

A viral video has circulated online showing two police officers utilising disproportionate and excessive force in detaining the suspect, an individual half their size. In the video it shows the man’s head being pressed down on the ground, his arms being ... More>>

UN: India’s New COVID-19 Wave Is Spreading Like ‘Wildfire’, Warns UN Children’s Fund

7 May 2021 A new wave of COVID-19 infections is spreading like “wildfire” across India, leaving many youngsters destitute, the UN Children’s Fund UNICEF said on Friday. In the last 24 hours, India registered 3,915 coronavirus deaths and 414,188 ... More>>

Focus On: UN SDGs

UN: Economic Recovery Under Threat Amid Surging COVID Cases And Lagging Vaccination In Poorer Countries

New York, 11 May — While the global growth outlook has improved, led by robust rebound in China and the United States, surging COVID-19 infections and inadequate vaccination progress in many countries threaten a broad-based recovery of the world ... More>>

Study: Cut Methane Emissions To Avert Global Temperature Rise

6 May 2021 Methane emissions caused by human activity can be reduced by up to 45 per cent this decade, thus helping to keep global temperature rise to 1.5 degrees Celsius in line with the Paris Agreement on climate change, according to a UN-backed ... More>>

UN: Learning From COVID-19, Forum To Highlight Critical Role Of Science, Technology And Innovation In Global Challenges

New York, 4 May —To build on the bold innovations in science, technology and innovations that produced life-saving solutions during the COVID-19 pandemic, the UN will bring together experts to highlight measures that can broaden the development and deployment ... More>>