GOVERNMENT will now receive funding directly from Chinese banks and not through contractors so as to reduce the cost of borrowing for developmental programs.
According to a statement released by special assistant to the president for press and public relations Amos Chanda cabinet today made a resolution in its continued pursuit of better living standards of the people in line with the Patriotic Front Party manifesto.
“Bilateral Debt Restructuring and Cooperation with the Government of the People’s Republic of China… Cabinet approved: Government to source financing directly from Chinese Banks not through contractors,” he stated.
“This will reduce the cost of borrowing for developmental programmes. Government will accelerate infrastructure through the construction of roads countrywide, building of universities, schools, hospitals, clinics and health posts in line with the PF manifesto to improve the lives of the people especially the poor.”
He added that cabinet had resolved that only projects with the highest economic return would be prioritized for loans from China and the rest would be done through private public partnerships and joint ventures.