CHINESE FINANCIERS THREATEN TO YANK COOKS LOAN

PACIFIC ISLANDS REPORT

Pacific Islands Development Program/East-West Center
With Support From Center for Pacific Islands Studies/University of Hawai‘i

CHINESE FINANCIERS THREATEN TO YANK COOKS LOAN
Unhappy over negative publicity

RAROTONGA, Cook Islands (Cook Islands News, April 30, 2008) – Chinese financiers are on the verge of pulling out of the $13 million loan deal with the Cook Islands government if negative comments and publicity continue.

That's the word in government circles. Government had sought the 'soft' development loan from a commercial Chinese bank to fund the preparation for the two major sporting events next year - Pacific Mini Games and the world netball youth championships.

While no senior government official wants to go on the record to confirm the ultimatum, most were comfortable to confirm this to the Cook Islands News on the condition that they were not identified.

"They have not been happy with the negative media reports regarding the work they are doing to prepare the country for next year which they will be funding," a senior official said.

"Most of the negative comments are from those condemning the money that will be loaned to us by the Chinese loan and also those condemning the Chinese for even designing and building our sporting complex."

Another senior government official confirmed with the CINews that the Chinese were not happy with the negative comments in the media about them.

Cook Islands Investment Corporation boss John Tini would not comment on the issue.

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