Project ID: 62570

Chinese Government cancels VUV 407 million of the Government of Vanuatu’s outstanding obligations

Commitment amount

$ 7991523.601398293

Adjusted commitment amount

$ 7991523.6

Constant 2021 USD

Summary

Funding agency [Type]

Unspecified Chinese Government Institution [Government Agency]

Recipient

Vanuatu

Sector

Action relating to debt (Code: 600)

Flow type

Debt forgiveness

Infrastructure

No

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment

2005-01-01

Description

In 2005, the Chinese Government cancelled VUV 407 million of the Government of Vanuatu’s outstanding debt obligations related to one or more loans that it had previously contracted.

Additional details

It is unclear which specific debts were forgiven. However, they were likely related to the loans that the Government of Vanuatu contracted in the 1980s and 1990s for the construction of a parliamentary complex and the construction of University of South Pacific Law School. This issue merits further investigation.

Number of official sources

1

Number of total sources

1

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Details

Cofinanced

No

Direct receiving agencies [Type]

Government of Vanuatu [Government Agency]