US, Palau create economic reform advisory group

The United States and Republic of Palau governments have confirmed the nomination and selection of five individuals to fully constitute the Palau Advisory Group on Economic Reform, consistent with the Palau Compact Review Agreement, as amended.

“The United States government has worked successfully with Palau to give consideration to the mix of expertise that would most benefit the work of the bilateral Advisory Group,” said deputy assistant secretary for Insular and International Affairs Keone Nakoa. “Combined, the five members of the newly constituted Advisory Group on Economic Reform bring years of expertise, experience, and economic knowledge to bear in carrying out their important mission. I look forward to their progress at the initial meeting and eventually seeing their full report and recommendations.”

“The United States has demonstrated the importance to which it attaches the relationship we share under the Compact of Free Association, by the quality and the caliber of its nominees…,” said Palau Finance Minister and Economic Reform Advisory Group member Kaleb Udui Jr. “Palau is appreciative of this commitment and dedication, and we look forward to continued partnership with the United States.

The Advisory Group on Economic Reform will contribute to the long-term economic sustainability and resilience of Palau. Each government designated two members, with a fifth member chosen by the United States from a list of recommendations by Palau. As requested by the Palau government, Interior’s Office of Insular Affairs is providing limited funding for a Secretariat to provide administrative support to the advisory group.

The members of the Palau Advisory Group on Economic Reform will be announced at a later date.

The governments have initiated consultations on commencement of proceedings of the advisory group and both sides plan to begin meetings potentially as early as August. Currently constituted, the advisory group shall terminate at the end of fiscal year 2023, unless otherwise agreed by the two governments.

The Palau Compact Review agreement with the related appendices and amendment may be accessed through the OIA website under Executive Orders and Public Laws/Compacts of Free Association at: https://www.doi.gov/oia/budget/authorities-public-law. (PR)