Sum of Measures 1—5 (Total Package)
|Measure||Amount (Local)||Amount (USD)||Details||Update||Source|
|01 - Liquidity Support info_outline|
|01A - Short-term lending info_outline|
|01B - Support policies for short-term lending info_outline|
|01C - Forex operations info_outline|
|02 - Credit creation info_outline|
|02A - Financial sector lending/funding info_outline|
|02B - Support policies for long-term lending info_outline|
|02B1 - Interest rate adjustments|
|02B2 - Other policies to support long-term lending|
|02C - Loan guarantees|
|03 - Direct long-term lending info_outline|
|03A - Long-term lending info_outline|
|03B - Forbearance||
No amount/estimate: (i) Some private banks have introduced loan deferral and forbearance programs for three months; and (ii) The National Development Bank of Palau announced plans to provide financial relief to affected business and households, including interest only payments, term extension, loan consolidation, and temporary payment deferral.
|04 - Equity support info_outline|
|05 - Health and income support||USD20,916,808||USD20,916,808|
|05A - Health support||USD916,808||USD916,808||
(i) The government is taking actions to support the health sector and the economy; (ii) The parliament is appropriating an additional USD916,808 (0.3% of GDP) to the Hospital Trust Fund to help with prevention and preparation for COVID-19.
|05B - Income support||USD20,000,000||USD20,000,000|
|05B1 - Tax and contribution deferrals and policy changes|
|05B2 - Tax and contribution rates reduction|
|05B3 - Subsidies to individuals and households|
|05B4 - Subsidies to businesses|
|05B5 - Indirect income support|
|05B6 - No breakdown (income support)||USD20,000,000||USD20,000,000||
(i) The government has also announced measures totaling USD20 million (8% of GDP) to mitigate economic and social hardship through targeted support to affected businesses and individuals. These include a new unemployment benefit scheme, temporary subsidies for utility bills, a new temporary job creation scheme for public works, and a lending scheme for the private sector. There is no breakdown between these measures.
|05C - No breakdown (health and income support)|
|06 - Budget reallocation info_outline|
|07 - Central bank financing government|
|07A - Direct lending and reserve drawdown|
|07B - Secondary purchase: government securities|
|08 - International Assistance Received||USD73,755,650||USD73,755,650|
|08A - Swaps info_outline|
|08B - International loans/grants||USD73,755,650||USD73,755,650|
|08B1 - Asian Development Bank||USD69,870,000||USD69,870,000||
(i) 15 April 2020, USD0.02 million announced by the ADB as part of the Strengthening Social Protection in the Pacific program. On 24 July 2020, additional USD0.04 million co-financing under the same program; (ii) 21 April 2020, USD15 million funding for a Disaster Resilience Program; (iii) 24 April 2020, USD0.13 million allocated by the ADB as additional funding to Palau under the Regional Project on Developing the Pacific Health Sector; (iv) USD0.18 million in Country Support under TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases. As of 30 January 2021, this has been increased to USD0.32 million. As of 8 October 2021, this has again been increased to USD0.38 million; (v) 5 June 2020, USD0.14 million in financing under the Pacific Economic Management, Phase 3 project; (vi) 29 July 2020, USD1 million funding under the COVID-19 Emergency Response; (vii) 29 July 2020, USD20 million under the Health Expenditure and Livelihoods Support Program; (viii) 10 August 2020, USD0.10 million under the regional project, Knowledge and Support Technical Assistance for Strengthening Water, Sanitation, and Hygiene Practices and Hygiene Behavioral Change in the Pacific; (ix) 12 August 2020, USD0.06 million under the regional project, Support for Gender Sensitive Responses to COVID-19 in the Pacific Developing Member Countries; (x) 15 December 2020, USD20 million under the Pacific Disaster Resilience Program (Phase 3); (xi) 17 December 2020, USD0.1 million from the regional project, Supporting Recovery by Micro, Small and Medium-sized Enterprises in the Pacific from the Effects of the COVID-19 Pandemic; (xii) 18 December 2020, USD0.17 million from the regional project, Assessing and Improving COVID-response Capacity in the North Pacific; (xiii) 23 April 2021, USD12 million from the project, Recovery through Improved Systems and Expenditure Support (RISES) Program, Subprogram 1. This was committed on 17 May 2021; (xiv) 2 August 2021, USD0.77 million (with another USD2.95 million cofinanced) under the project COVID-19 Response for Affected Poor and Vulnerable Groups.
|08B2 - Other||USD3,885,650||USD3,885,650||
(i) 20 April 2020, USD1.16 million Coronavirus Aid, Relief, and Economic Security Act Supplemental Funding from the United States; (ii) 1 April 2020, USD1.01 million supplemental funding from the US Department of Health and Human Services (HHS) as part of its CDC program; (iii) 27 March 2020, USD1.59 million in additional supplemental funding from the DOI Office of Insular Affairs' Technical Assistance Program; (iv) 24 March 2020, USD25,650 in funding from the HHS Office of the Assistant Secretary for Preparedness and Response (ASPR) for planning, staffing, purchasing PPE, among others; (v) 1 September 2020, The US Department of Labor announced USD100,000 in funding to support state efforts to combat fraud and recover improper payments in the Unemployment Insurance (UI) program, including those programs created under the Coronavirus Aid, Relief and Economic Security (CARES) Act; (vi) No amount/estimate: 5 September 2020, the U.S. Secretary of Transportation has announced that they will award more than USD1.2 billion in airport safety and infrastructure grants through the Federal Aviation Administration (FAA) to 405 airports in 50 states and the Federated States of Micronesia, the Marshall Islands, the Northern Mariana Islands, Puerto Rico, Palau, and the U.S. Virgin Islands. The Administration sees this move as especially important as economies recover from the COVID-19 pandemic.
|09 - International Assistance Provided|
|09A - Swaps info_outline|
|09B - International loans/grants|
|10 - No breakdown|
|11 - Other Economic Measures|
|12 - Non-Economic Measures|
|12A - Measures affecting travel and transport (local and international)||
(i) The authorities have adopted early prevention and containment measures. These include temporary bans on international air and sea travel, health screening at ports of entry, and some other measures reflected in 12C; (ii) 31 July 2020, the government announced the re-establishment of essential air services, allowing a minimum number of flights for emergencies, repatriation, medical referral, and worker recruitment. Regular commercial air travel remains temporary suspended; (iii) January 2021, All travelers (even essential workers and residents) have to quarantine and are required to test 72 hours prior to arrival in Palau. Passengers from low risk areas such as Taipei,China are required to observe a 7-day mandatory quarantine in a designated government facility, and are tested on days 1, 7, and 14. Passengers from high risk areas are placed under mandatory quarantine for 14 days and are tested on days 1, 7, 14, and 21. The first group of Taipei,China passengers to fly to Palau under a new travel bubble is expected to land in the Pacific country early April 2021; (iv) 12 August 2021, While the travel bubble with Taipei,China was temporarily suspended, it was again resumed following a decline in cases.
|12B - Measures affecting business and workplace|
|12C - Others||
(i) School closures, and restrictions on public events were also in effect due to the early prevention and containment measures; (ii) Schools will reopen on 3 August 2020 with safety measures; (iii) 7 October 2021, Aside from the more popular vaccines, Palau's health ministry has approved Taiwan-poduced Medigen COVID vaccine.