Tuvalu News

 

PACIFIC ISLANDS REPORT

GOVERNMENT WITHHOLDS FURTHER FUNDING OF TUVALU DEVELOPMENT BANK

FUNAFUTI, Tuvalu (December 21, 1997 - PACNEWS)---The Tuvalu government has decided to withhold further capital injections into the Development Bank of Tuvalu until the bank has completed collection of outstanding debts related to past loans.

A special task force has also been formed to investigate future options for the development bank, Radio Tuvalu reports.

The task force is comprised of the general managers of the Development Bank, the Tuvalu National Bank, the Tuvalu Provident Fund, and the Secretary of Finance and Economic Planning.

Meanwhile, the government has begun a feasibility study into the possibility of obtaining a soft-loan from the Asian Development Bank, to be used for the development of the country's outer islands. The total loan contemplated is $3.9 million, to be paid back over 40 years.

 

 

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