KOROR (Palau Horizon) – Palau’s unpaid obligations climbed over $11 million with the bulk of debts owed to international organizations and payment for bank loans.
According to the accounts payable status report as of Nov. 24,2009, the government owed $11, 176,416.
The government owed $1,663,974 to the state governments; $625,870 to Palau component units and agencies; $1,741,255 to Palau Public Utilities Corporation for electric bills; $31,972 to the Palau National Communications Corporation; $546,508 to the International Monetary Fund and $370,755 to international dues.
The government also has accounts payable to the Civic Action Team (CAT) in the amount of $62,500.
For loan payments, the government owed $1,373,465 and other payables such as grants totaling to $2,824,966.
The government has also accounts payable to local vendors and payroll in the amount of $1,935,151.
The government is looking to taking out another loan to address the debts.
The government will also ask Congress to consider passing a supplemental budget to retire this obligation.
Earlier the government said most of the debts were inherited from previous administration.
