The Senate Committee on Ways and Means recently held a oversight hearing with the ministry regarding the fiscal status and financial condition of the national government.
Mariur said during the hearing, senators assured that the Senate will be working closely with the government to approve authorization to find sources of funding.
He said the government will seek out loan from foreign entities and banks in Palau which will allow them long term payments.
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.
Mariur said these debts need to be addressed to avoid additional unpaid obligations.
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.
