Tahiti signs up to French loan over Covid-19 crisis
7 August, 2020, 4:32 am
French Polynesia has signed up to a $US285 million loan from France because of the Covid-19 pandemic.
The deal was signed by the president Edouard Fritch at the French High Commission in Papeete after earlier plans to do so in Paris were abandoned.
The loan, which is for a term is 25 years at an interest rate of under 1.4 percent, is tied to French Polynesia undertaking public finance reforms.
The funds will prevent the collapse of the are in the social security agency CPS which faced difficulties even before the Covid-19 outbreak.
The territory was hit by the shutdown of interntaional tourism in March but has seen renewed activity after the lifting of quarantine requirements last month.