By Nazario Rodriguez Jr.
Horizon news staff

Palau will spend a total of $1,850,858 on its debt service based on the recently signed annual 2007 national budget.
Senator Alan Seid, in a press briefing yesterday, said the effort made by members of the House of Delegates is highly commendable regarding this.
He said that there was a significant increase in the budget for this but could not give any available data.
According to the new budget appropriation for debt servicing, the sum of $1.9 million, plus any sum necessary for related banking fees and interest charges, if for the purpose of payment of periodic interest and principal payments pursuant to the promissory notes issued to the International Commercial Bank of China (now known as Mega International Commercial Bank Co. Ltd).
It said that the amount authorized to be appropriated shall come from local revenues and any unexpected or unobligated balance of the appropriation should not lapse at end of the fiscal year.
Figures showed that the budget for the payment for the ICBC Capitol Relocation Project is $1,692,858 and the amount for the ICBC PIA Improvement Project stood at $158,000.