ADB APPROVES RELEASE OF US$ 5 MILLION OF US$ 20 MILLION LOAN TO VANUATU

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PORT VILA, Vanuatu (February 25, 1999 - Radio Australia)---The Asian Development Bank has approved the release of the second portion of a US$ 20 million loan to Vanuatu.

The loan will finance the CRP, or Comprehensive Reform Program, a program of structural reform of the economy and of the public sector that Vanuatu currently is undertaking.

Radio Australia correspondent Daniel Guille reports from Port Vila. "The conditions set by the Asian Development Bank for the release of the second tranche of the loan were the enactment of good governance laws in Parliament and the completion of the reform of the public sector, including the reduction by ten percent of public servants.

"The second tranche of the loan, equivalent to five million U.S. dollars complements the ten-million-dollars already released by the ADB last July.

"Earlier this week, Prime Minister Donald Kalpokas assured the ADB delegation visiting Vanuatu that his country was committed to the CRP until 2002, the year of the completion of the reform program.

"Daniel Guille, Port Vila."

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