Deputy Prime Minister and Minister of Finance and Economic Management, Johnny Koanapo, has signed on behalf of the government with the General Manager of the Vanuatu National Provident Fund (VNPF), Paul Kaun, on behalf of VNPF.

Under the agreement, the government has committed to pay the principal amount of VT1 billion, along with interest and penalties totaling VT120,982,827.

According to a media statement, the government has agreed to make an initial payment of VT250 million to VNPF following the signing of the agreement.

The government will pay the remaining balance through another facility agreement to be signed between the two parties within 90 days after the signing of this Guarantee Agreement.