The House Committee on Ways and Means are ready to tackle the bill in the regular session starting on July 15.
President Johnson Toribiong trimmed the budget to $53, 709,000, $5,000,000 less than the FY2009 financial package.President Johnson Toribiong submitted the budget bill to Congress lasy month saying that the it has been formulated in line with his policy that the government should “ live within its means.”The budget measure takes into account the effects of global economic recession and a shortfall in local revenues that could amount to at least $4 million. The president added in his transmittal letter to leaders of Olbiil Era Kelulau (OEK) that the budget has been formulated in anticipation that effective Oct. 1, 2009, the funding received by Palau from the United States under the Compact of Free Association will cease.By Oct. 1, the republic will only be able to draw down $15 million from the Compact Trust Fund.Toribiong said once the U.S. Congress passes the funding for the Compact extension he will work with OEK to amend the bill or submit a supplemental budget. The government expect a shortfall of $9 million including a local revenue deficit of $4 million. The Senate will hold a special session today to discuss the proposed Foreign Investment measure introduced by President Johnson Toribiong.The Senate will introduce amendments to the president’s version of the measure.Instead of giving the sole authority to the president to decide on foreign investments, the board will now be called Foreign Investment Authority and a company or corporation will be automatically given a foreign investment certificate if the board fails to act on the application within 30 days.
