Republic of Palau: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Palau

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2023 Issue 430

Publication date: December 2023

ISBN: 9798400260827

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Topics covered in this book

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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Industries - Hospitality Travel and Tourism , Environmental Economics , macroeconomic prospect , foreign reserve asset , GDP estimate , money market rate , COFA renewal , policy option , graduate school USA , Tourism , Fiscal stance , Climate change , Global , Pacific Islands , East Asia

Also of interest

Republic of Congo : 2001 Article IV

Spain

Malawi

Peru

Summary

Palau has emerged from the pandemic with significant output loss, elevated public debt and historically high inflation. Adverse demographic trends, high dependence on tourism and external support, and vulnerability to climate change risks raise vulnerabilities. The authorities successfully enacted a fiscal responsibility framework and modernized the tax system. A new Compact Review Agreement (CRA-23), with better financial terms, is awaiting approval by US Congress.