2024年帕劳经济评论-八月（英）

Republic of PalauAugust 2024 CPRO—Coronavirus PandemicRelief OptionC-10—2010 Compact Review AgreementC-23—2023 Compact Review AgreementCROSS—Coronavirus Relief One-StopShop ActCSPP—Civil Service Pension PlanCTF—Compact Trust FundDFAT—Department of Foreign Affairsand TradeDRP—Disaster Resilience ProgramDSA—Debt Sustainability AnalysisEAG—Economic Advisory GroupFAS—Freely Associated StatesFCC—FederalCommunications CommissionFDI—Foreign Direct InvestmentFDIC—Federal DepositInsurance CorporationFIC—Financial Institutions CommissionFMIS—Financial ManagementInformation SystemFPA—Fiscal Procedures AgreementFRDMA—Fiscal Responsibility and DebtManagement ActFSM—Federated States of MicronesiaFTE—Full Time EquivalentsGDP—Gross Domestic ProductGFS—Government Finance StatisticsGNI—Gross National IncomeGSUSA—Graduate School USAHLDP—Housing LoanDevelopment ProgramICT—Information andCommunications TechnologyIHG—InterContinental Hotels GroupIMF—International Monetary Fund Abbreviations JEMCO—Joint EconomicManagement CommitteeJEMFAC—Joint Economic Management andFinancial AccountabilityCommitteeJICA—Japan InternationalCooperation AgencyKASP—Koror Airai Sanitation ProjectKYC—Know Your CustomerMCA—Multi-Criteria AssessmentMTDS—Medium-TermDevelopment StrategyMTEF-mod—Medium-Term Economic andFiscal ModelNDBP—National Development Bankof PalauNIIP—National InfrastructureInvestment PlanOEK—Olbiil Era KelulauPBL—Policy-Based LoanPDP—Palau Development PlanPEFA—Public Expenditure andFinancial AccountabilityPEWA—Palau Energy andWater AdministrationPFM—Public Financial ManagementPFTAC—Pacific Financial TechnicalAssistance CenterPGST—Palau Goods and Services TaxPNCC—Palau NationalCommunications CorporationPPEF—Pristine Palau Environmental FeePPP—Private Public PartnershipPPUC—Palau Public Utilities CorporationPSC—Palau Stable CoinPSDI—Private SectorDevelopment InitiativeRAN—Radio Access Network RFP—Request for ProposalsRISES—Recovery through ImprovedSystems and Expenditure SupportRMI—Republic of the Marshall IslandsROPSSA—Republic of Palau SocialSecurity AdministrationRPPL—Republic of Palau Public LawRTPF—Responsible TourismPolicy FrameworkRUS—Rural Utilities ServiceSEA-US—Southeast Asia—United States(cable system)SOE—State-Owned EnterpriseUCC—Universal Commercial CodeUNCTAD—United Nations Commission onTrade and DevelopmentUNDP—United NationsDevelopment ProgramVAT—Value Added TaxWIOA—Workforce InvestmentOpportunity ActWSIP—Water SectorImprovement ProgramWWO—Water and Wastewater NOTE:Each FAS government’s fiscal year (FY) ends onSeptember 30. Table of Contents Abbreviations.................iiList of Figures and Tables. . . . . . . . . . .viDisclaimer. . . . . . . . . . . . . . . . . . .viiForeword. . . . . . . . . . . . . . . . . . . .viiKey Features in the Review. . . . . . . . .viii 6.State-Owned Enterprise Reform...20 The SOE Sector. . . . . . . . . . . . . .20Reforms in the utilities sector. . . . . .21ICT Reforms...............23 7.The Financial Sector..........25 Banking. . . . . . . . . . . . . . . . . .25National Development Bank of Palau. .26Financial sector digital innovations. . .27Social Security Sustainability. . . . . .29Civil Service Pension Plan. . . . . . . .30 1.Recent Economic Performance.....1 Economic Performance. . . . . . . . . .1Gross National Income per Capita....2Employment................3Inflation. . . . . . . . . . . . . . . . . . .4Wages. . . . . . . . . . . . . . . . . . . .4 8.Private Sector Development. . . . . .34 2.Tourism Developments and Policy...6 Tourism Developments..........6Tourism Policy. . . . . . . . . . . . . . .7Tourism Infrastructure. . . . . . . . . . .7 3.Fiscal Performance and Reform. . . . .9 9.Compact Renewal. . . . . . . . . . . .36 Fiscal Outcomes. . . . . . . . . . . . . .9Fiscal Responsibility and theRISES Program. . . . . . . . . . . . . .10The Fiscal Responsibility Law. . . . . .11The Fiscal and Economic Update. . . .11 Background. . . . . . . . . . . . . . . .36Compact Review Agreement 2023...36Issues relating to C-23. . . . . . . . . .38 Assumptions informing the outlook. . .40Outlook for the Economy........41Employment...............41Fiscal Impact. . . . . . . . . . . . . . .42Financing. . . . . . . . . . . . . . . . .43External debt. . . . . . . . . . . . . . .44 11.Policy Issues. . . . . . . . . . . . . . .45 The emergence of a structure surplus.45Debt consolidation. . . . . . . . . . . .46Reserve Management. . . . . . . . . .48 12.Statistical Developments. . . . . . . .49 Figure 12:Social Security withoutreform. . . . . . . . . . . . . .30Figure 13:Social Security withreform. . . . . . . . . . . . . .31Figure 14:Civil Service PensionPlan without reform......32Figure 15:CSPP reform: DB closurecontributions and benefits. . .33 List of Figuresand Tables 10. The economic and fiscal outlook Figure 16:Visitor arrival projections:FY10-FY30. . . . . . . . . . . .41Figure 17:GDP level and growth:FY18-FY30. . . . . . . . . . . .42Figure 18:Employment of Pal