While a lot of work has been done to ensure that Palau is free of COVID-19 virus and prepared to handle potential cases of the virus, work to address the drastic impact of the pandemic on Palau’s economy is being worked on. The economic impact is said to be “unprecedented” by Minister of Finance Elbuchel […]
Tag: economy
Posted inTop Stories
Palau reaches out to ship owners with digital services
Driving the push towards a world economic recovery once the Covid-19 pandemic has eased will fall to global supply chains and the world’s shipping fleet according to Palau International Ship Registry (PISR). With increasing pressures on the world’s shipping industry as international lockdowns bite, PISR is working as normal to help ship owners with its […]
Posted inTop Stories
House proposes 50% cut in GRT tax
House of Delegates introduced a bill to cut business Gross Receipt Tax (GRT) from 4% to 2% for the remaining three quarters of this fiscal year, from January 1, 2020 to September 30, 2020. The intent of the bill is to provide tax relief to businesses, professions and financial institutions due the impact of the […]
Posted inPacific News
“The recovery from the COVID-19 crisis must lead to a different economy”
The world is facing an unprecedented test. And this is the moment of truth. Hundreds of thousands of people are falling seriously ill from COVID-19, and the disease is spreading exponentially in many places, Societies are in turmoil and economies are in a nose-dive. The International Monetary Fund has reassessed the prospect for growth for […]
Posted inTop Stories
Fiscal impact of COVID-19 expected to reach $45 million,Relief measures still to be decided
The COVID-19 Impact Mitigation Working Group consisting of the private sector and public-sector representatives presented their initial assessment of the economic impact of the COVID-19 pandemic to Palau’s national leadership yesterday. Based on the preliminary assessment report, Palau’s government is expected to lose $45 million dollars over a two-year period, FY 2020 and FY 2021. […]
Posted inOpinion
COVID-19 has exposed the fragility of our economies
GENEVA, 26 MARCH 2020 (ILO) —The human dimensions of the COVID-19 pandemic reach far beyond the critical health response. All aspects of our future will be affected – economic, social and developmental. Our response must be urgent, coordinated and on a global scale, and should immediately deliver help to those most in need. From workplaces […]