Chinese Government cancels $5 million of the Government of Vanuatu’s outstanding obligations

📋 Staff Comments

On May 29, 1986, the Chinese Government and the Government of Vanuatu signed an RMB 15 million interest-free loan agreement for the Parliamentary Complex Construction Project. The agreement specified that the borrower was to repay the loan over a 20-year period beginning 12 months after the construction of the Parliamentary Complex. Then, on February 15, 1990, the Chinese Government and the Government of Vanuatu signed a supplementary RMB 15 million interest-free loan agreement with a 20-year maturity and a 10-year grace period for the Parliamentary Complex Construction Project. Its loan repayment period was scheduled to begin on July 1, 2001 and end on July 1, 2011. The original loan agreements that were signed in 1986 and 1990 for the construction of the parliamentary complex can be accessed via http://eparliamentresource.gov.vu/jspui/bitstream/1/2090/1/Act%20No.%20of%201986.pdf and http://eparliamentresource.gov.vu/jspui/bitstream/1/1791/1/Act%20No.%20of%201990.pdfThe Parliamentary Complex was constructed between March 20, 1990 and December 10, 1991

📚 Sources & References

• Act No. of 1986
• Act No. 5 of 1990, (Ratification) Act No. 5 of 1990
• Vanuatu - Legislation - Table of Omitted Acts from the Consolidated Edition 2006
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• China agrees to write off loan repayments. Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.