3 Nov 2020

Vanuatu sets up loan scheme for private sector

5:19 am on 3 November 2020

The Vanuatu government has promised to budget just over $US26 million to help the private sector impacted by the gloval Covid-19 pandemic.

5000 vatu note

Photo: Supplied

The Prime Minister Bob Loughman said $US1,8 million would be injected into Air Vanuatu, which has been hit by the decline of international tourism.

The bulk of the funds will be deposited with the Vanuatu National Bank, allowing the private sectors to apply for soft loans from next month.

The maximum loan will be for $US90,000 at an interest of one percent.

Parliament is due to meet this week to approve the 2021 budget.

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