Palau Congress must pass legislation by September 30 to secure ADB loan

Koror, viagra Palau – The Olbiil Era Kelulau, cheap Palau’s congress must pass the legislation, which approve, authorize and ratify the President of the Republic to secure a loan from the Asian Development Bank (ABD) for the Koror-Airai Sanitation Project by September 30 or risk losing the project entirely until next year.

In the Senate Ways, Means and Financial Matters committee report, the committee noted there is ‘some urgency to the OEK’s action on the bill’ and urged expeditious action on the matter.
The report also indicates that correspondence from ADB back in August also shows the bank’s desire to obtain authorization by September 13, if not, then September 30.
If however the said time passed without the authorization provided for by the legislation, ADB warned that they would withdraw the project from consideration until around March 2013.
The report shows that the Republic negotiated with ADB for a $28.8 million loan in order to finance the repair and improvement of the Koror-Airai sewer system. The financing is reportedly in the form of two soft loans, with the main loan amounting to $26.9 million that is payable semi-annually over a 20-year term commencing in April 2018.
The committee further noted the Senate’s legal counsel review of the loan agreement including the previous ADB loan agreement for the establishment of the Palau Water and Sewer Corporation to be in order. Also noting a joint letter from the Chamber of Commerce, Palau Visitors Authority and the Belau Tourism Association expressing support for the passage of the legislation.
The committee report was adopted on September 20, and signed by Senators Mark Rudimch Chairman, Joel Toribiong Vice Chairman, Kathy Kesolei, Alfonso Diaz, Regis Akitaya, Regina Mesebeluu and Paul Ueki.
According to reports, the legislation passed the Senate and is now pending in the House of Delegates. The legislation is anticipated to pass as the continuing budget authority for the 2013 fiscal year is attached as a rider.
By R. Jonathan, OTV