Tonga's bankers, who are very concerned with Tonga's currently depressed export earnings, and its reliance on aid donors and foreign remittances for its source of foreign earnings, will meet today to consider solutions.

At the biannual meeting of the Association of Bankers Tonga, with the Governor of the National Reserve Bank of Tonga, Mrs Siosi Mafi on February 7, they decided to meet again to look at the issues.

The bankers also asked for greater clarity on the application for reconstruction funds, both in relation to a China loan, and the Private Sector Recovery Facility that assists the banks' business clients.

A spokesperson for the NRBT said today that following last week's meeting, bankers were scheduled to meet today under the Chairmanship of Simi Sefanaia, from the Tonga Development Bank to prepare specific proposals on what should be done.

The spokesperson said that with regards to the loan from China, it was complicated because the loan stays in China, and if a client of a bank in Tonga borrows from this fund there is a need for a clearer understanding with regards to both collateral and the duration of the loan.

The spokesperson said that the NRBT had no involvement with the Chinese loan, "because the loan money does not come to Tonga, it stays in China."

The NRBT is involved in the Private Sector Recovery Facility.

"The people who are eligible to take advantage of this facility are clients of the banks. They are offered a interest rate reduction, on the first year by 8% and the second year by 4%. We hold the account for the facility and every month we pay the banks."

A meeting of the Association of Bankers Tonga will be held again next week to look at the proposals from the bankers.