According to the Finance Minister Kerai Mariur, the government’s debt of over $11 million was reduced to $8 million.
According to the accounts payable status report as of Nov. 24, 2009, the government owed $11, 176,416.
Mariur said in order to reduce the unpaid obligations, the national government had to prioritize expenditures and 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.
As of March 22, the debt has been down to $8.4 million.
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