Commencement: 2 July 1990

REPUBLIC OF VANUATU

THE SUPPLEMENTARY LOAN AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF VANUATU AND THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA FOR THE CONSTRUCTION OF THE PARLIAMENTARY COMPLEX IN VANUATU WITH CHINESE ASSISTANCE (RATIFICATION) ACT
No. 5 OF 1990

Arrangement of Sections

1. Ratification.
2. Commencement.

----------------------------------------------------

REPUBLIC OF VANUATU

THE SUPPLEMENTARY LOAN AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF VANUATU AND THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA FOR THE CONSTRUCTION OF THE PARLIAMENTARY COMPLEX IN VANUATU WITH CHINESE ASSISTANCE (RATIFICATION) ACT
No. 5 OF 1990

Assent: 26/6/90
Commencement: 2/7/90

To provide for the ratification of the Supplementary Loan Agreement between the Government of the Republic of Vanuatu and the Government of the People's Republic of China for the construction of the Parliamentary Complex in Vanuatu with Chinese Assistance signed in Port Vila on the 15th day of February, 1990.

BE IT ENACTED by the President and Parliament as follows:-

RATIFICATION

1. The Supplementary Loan Agreement between the Government of the Republic of Vanuatu and the Government of the People's Republic of China for the Construction of the Parliamentary Complex in Vanuatu with Chinese Assistance signed in Port Vila on the 15th day of February 1990 which is set out in the Schedule hereto is hereby ratified. The agreement shall be binding on the Republic of Vanuatu in accordance with the terms thereof.

COMMENCEMENT

2. This Act shall come into force on the day of its publication in the Gazette.

---------------------------------------------

SCHEDULE

AGREEMENT ON ECONOMIC AND TECHNICAL COOPERATION
BETWEEN THE GOVERNMENT OF THE REPUBLIC OF VANUATU
AND THE GOVERNMENT OF THE PEOPLE'S REPUBLIC OF CHINA

The Government of the Republic of Vanuatu and the Government of the People's Republic of China, with a view to further developing the friendly relations and economic and technical cooperation between the two countries, have concluded the following agreement.

Article I

In accordance with the need of the Government of the Republic of Vanuatu, the Government of the People's Republic of China shall provide the Government of the Republic of Vanuatu with an interest-free loan of RMB 15,000,000 Yuan (Renminbi Yuan Fifteen Million only) in five years from July 01, 1990 to June 30, 1995.

Article II

The above-mentioned loan shall be used to make up for the shortage of the construction funds for the Parliamentary Complex Project while the balance of it shall be used by the Government of Vanuatu in pursuit of its national development programmes. Specific items shall be discussed separately and agreed upon between the two Governments.

Article III

The above-mentioned loan shall be repaid in instalments by the Government of Vanuatu with Vanuatu's exports and/or in convertible currencies as to be discussed and agreed upon between the two Governments within a period of ten years from July 01, 2000 to June 30, 2010. The annual repayment shall be one tenth of the disbursed amount of the loan.

Article IV

Detailed accounting procedures in connection with the implementation of this Agreement shall be concluded separately between the Accountant General's Department of Vanuatu and the Bank of China.

Article V

This Agreement shall come into force after both signatories have completed necessary legal formalities and accordingly notify each other and it shall remain in force until the fulfilment by both sides of all their obligations stipulated hereinabove.

Done in duplicate in Port Vila on February 15, 1990 in the English and Chinese Languages, each side keeping one original and both texts being equally authentic.

For the Government of the
of the Republic of Vanuatu

For the Government of the
People's Republic of China

----------------------------------------------------