Republic of China, Taiwan through its Ambassador Wallace Chow, informed Palau government that it will suspend payment of interest and principal of the six (6) loans Palau currently have with Taiwan for two (2) 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 yesterday.
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 $35million dollar revenue shortfall in 2021 and $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 for loan payment deferment but so far have not received a response to the request.

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