16 Nov 2006

Marshall Islands defaults on ADB loan payments

7:14 am on 16 November 2006

The Marshall Islands has defaulted on its Asian Development loan repayments to the tune of US$1 million, as of October 31 2006.

The Marshall Islands joined the bank in 1992 and has received 11 loans totaling US$78.2 million and 47 technical assistance projects worth US$18.4 million.

But no new ADB loans have been given out to the Marshall Islands over the past four years.

The 2007 fiscal year budget that has just been passed by parliament, earmarks US$1.5 million to pay ADB loans.