LONG-DELAYED ADB LOAN TO MARSHALL ISLANDS APPROVED

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MAJURO, Marshall Islands (Oct. 11, 2002 – Radio New Zealand International)---Asian Development Bank loan funding for the Marshall Islands, delayed since May, has been approved for release.

The Marshalls Finance Secretary Saeko Shoniber says the second installment of $5.4 million of a $12-million Finance Ministry stabilization and improvement loan has been anticipated since May.

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 of progress made by the Marshalls government in meeting loan conditions.

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

For additional reports from Radio New Zealand International, go to PACIFIC ISLANDS REPORT News/Information Links: Radio/TV News/Radio New Zealand International.

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