$500M for food crisis, justice OK’d
MANILA, Philippines – The National Economic Development Authority (NEDA) has approved two loan packages worth $500 million for a food crisis response plan and the government’s justice reform program.
The projects were presented to President Gloria Macapagal-Arroyo during a full Cabinet meeting in Malacañang on Tuesday, press Secretary Jesus Dureza told reporters.
“These are meant to provide interventional assistance to the poor and the vulnerable,” he said.
The government will borrow $300 million from the Asian Development Bank (ADB) for the Governance in Justice Reform Program (GJRP) which aims to increase the resources of the justice sector to enable efficient delivery of its services, especially to the poor, a Palace statement said.
The loan has a maturity period of 15 years, inclusive of a three-year grace period, it said.
The government will also borrow $200 million from the International bank of Reconstruction and Development for Food Crisis Response, which will be used to lower and stabilize food prices in the short term, mitigate the impact of high food prices on poor households, and improve the delivery of social services, especially to poor households, it said.
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