12 Sep 2007

Cook Islands seeks to postpone signing of loan for new stadium

10:21 am on 12 September 2007

The Cook Islands Finance Minister, Sir Terepai Maoate, is writing to the Chinese Embassy to request a postponement of a loan confirmation to build a multi sports complex for the South Pacific mini games in 2009.

The move follows widespread concern about the cost of hosting the sporting event and support for an upgrading of existing facilities rather than building new.

Four million US dollars had been earmarked for the new stadium.

Some of that money was aid that had been transferred from a highway project.

The rest was a loan.

Staff at the Ministry of Finance and Economic Management are now preparing a financial analysis and a Cabinet paper examining all the options