CHINA COMMITS K4 MILLION CASH GRANTS TO PAPUA NEW GUINEA'S 2003 BUDGET

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PORT MORESBY, Papua New Guinea (September 24, 2002 - Post-Courier/PINA Nius Online)---China yesterday further affirmed its friendship with Papua New Guinea by committing K 4 million (US$ 1,017,200) in cash grants to support the 2003 budget.

And it will follow this up with another agreement in December to give US$ 2.4 million to support what was described as "much-needed and mutually agreed projects."

Papua New Guinea, in response through Finance and Treasury Minister Bart Philemon, re-affirmed its commitment to the One-China Policy. This was described by Chinese Ambassador Zao Zhenyu as "the cornerstone of our relationship over 26 years."

For additional reports from The Post-Courier, go to PACIFIC ISLANDS REPORT News/Information Links: Newspapers/The Post-Courier (Papua New Guinea).

Pacific Islands News Association (PINA) Website: http://www.pinanius.org 

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