By Charlotte Greenfield and Jonathan Barrett WELLINGTON/SYDNEY (Reuters) - Just over a decade ago, deadly riots in the capital of Tonga, Nuku'alofa, destroyed much of the small Pacific nation's central business and government districts. Out of the rubble, the government hatched a plan to rebuild the city, including constructing a new cruise ship wharf and renovating the Royal Palace - all bankrolled by a new lender, China. The initial roughly $65 million in Chinese lending now exceeds $115 million - almost one-third of Tonga's annual gross domestic product - as interest mounted and the government took out a second loan for road development across the country
from Latest News Business on Firstpost https://ift.tt/2LNvF7P
Tuesday, 31 July 2018
Payment due: Pacific islands in the red as debts to China mount
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment