KOROR (Palau Horizon) —Developed countries should help out developing countries such as Palau in terms of financial support, President Tommy Remengesau said in a statement to the participants of the United Nations International Conference on Financing for Development recently held in Mexico.
Remengesau said countries that had put in place policies of good governance and met established criteria for incentive treatment should be given “easier access to, and a larger share of, the development pie made available under the international financing program—they should also have access to an expedited process of review and decision.”
He noted that the United States had recently increased its overseas aid to $15 billion while European aid totaled $20 billion.
Palau is seeking the necessary training, tools and initial funding to establish self-sufficiency and is willing to meet the requirements set to acquire financial assistance and ensure that direct funding contributions are not wasted, Remengesau said.
However, the president said developing nations should also be allowed to define their own development plans and patterns.
“Our very way of life is changing before our eyes and we must not sit back and helplessly watch the degradation of our future,” Remengesau said.
He said Palau needed financial assistance for infrastructure development and environmental protection.
He added that there should be accountability and transparency to make sure that aid will not be pocketed by corrupt officials.
