11 Oct 2002

Long delayed ABD loan to Marshall Islands finally approved

4:22 pm on 11 October 2002

Asian Developement Bank loan funding for the Marshall Islands, delayed since May has now been approved for release.

The Marshalls Finance Secretary, Saeko Shoniber, says the second instalment of 5 point 4 million US dollars of a 12 million dollars Finance Ministry stabilisation and improvement loan has been anticipated since May.

Mr Shoniber says the Ministry was facing a cash-shortfall because it had issued payments such as funding for medical referrals in anticipation of receiving the money earlier.

The release was held up by the bank's review process of the government's progress in meeting loan conditions.

The Bank says a new 9-million dollar loan for infrastructure development on outer atolls is also expected to be released in November.