US, Palau form Advisory Group on Economic Reform
By Pacific Island Times News Staff
Koror-- The United States and Palau 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.
“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 Keone Nakoa, deputy assistant secretary for Insular and International Affairs.
“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 and through its support of the Secretariat,” said Kaleb Udui Jr., Palau's finance minister and a member of the advisory group. “Palau is appreciative of this commitment and dedication, and we look forward to continued partnership with the United States.”
DOI said 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 Palau, DOI's Office of Insular Affairs provides 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 U.S. and Palau governments have initiated consultations on the 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 2023, unless otherwise agreed by the two governments.