GAO to conduct Palau

by Marianas Variety

The United States Government Accountability Office will soon start the audit of the country’s use of the US funds under the Compact of Free Association.

President Remengesau announced during his weekly press conference that the GAO representatives will be coming to Palau.

The president earlier has asked the GAO to conduct an audit of Palau prior to the renegotiation of the Compact’s financial package in 2009.

The audit is said to be scheduled in January and the president added that Palau and the US Congress to the GAO for the audit.

He said the audit will better prepare Palau negotiation time.

Earlier the The US Department of Interior said that it had been performing annual financial audits on Palau’s use of Compact funds and had found no reasons for concern.

Further information from the President’s office said that there are other reports regarding Palau’s economic condition available from both the Asian Development Bank and International Monetary Fund.