The president is set to fly to Washington on April 27 to attend the funeral services of three U.S. fallen soldiers whose remains where found in Palau. After the burial the president will be meeting with the lawmakers.
The next hurdle for Palau is to get the aid package approved by U.S. Congress.
A U.S. Congress committee hearing is yet to be conducted to tackle the funding package for Palau.
“The U.S. financial assistance has not enacted by Congress yet,” Toribiong said.
Adding that the continuance of funding may be delayed causing the national government to dip into the Compact Trust fund, until Congress has approved the package.
Palau’s proposed Fiscal Year 2011 budget is due for submission before the Olbiil Era Kelulau on May 31.
A big bulk of the Palau’s budget is taken from the Compact’s economic aid which is estimated to at least $18 million a year.
Under the Compact Agreement, Palau can withdraw up to $15 million from the Trust Fund.
Palau accepted a $250 million Compact funding package offered by U.S.
Earlier the president announced that the signing of the agreement is scheduled on April 26 and Palauan officials are hoping that the event will be transpiring here.
The $250 million package includes subsidy for the U.S. Postal Service, the funding provided to Palau in the Fiscal Year 2010 and resources earmarked for annual contributions to the infrastructure as maintenance matching fund.
Both the U.S. and Palau conducted a year-long review of the Compact and Palau will have another opportunity to review the Compact after year 2024.
The government is confident that at the time the Compact funds will have performed well enough to sustain Palau’s economy.
