FINANCIAL BRIEFS

FINANCIAL BRIEFS

VENEZUELA TO LOWER

IMPORT DUTIES BY 30 PERCENTCARACAS, Venezuela - Venezuela is to reduce import duties by 30 percent next week as scheduled in the government's economic reform program to open the economy and attract more foreign investment, Finance Minister Roberto Pocaterra said.

Mr. Pocaterra told reporters that the decision to reduce tariffs to 50 percent from the current 80 percent will be published in the Official Gazette, ''which should come out after Holy Week."

The reduction will apply to all imports except some agricultural products, he said.

President Carlos Andres Perez implemented the program in February 1989, which eliminated price and exchange controls and gradually reduces tariffs.

JAPANESE MAY RESUME

OFFICIAL LOANS TO CHINA

TOKYO - Ryutaro Hashimoto, Japanese finance minister, spoke favorably Tuesday of the prospects for resuming official loans to China, but he said Japan would not go against agreements made with other major industrialized countries.

Speaking to reporters after a regular cabinet meeting, Mr. Hashimoto repeated his warning that "it is undesirable for China to be half isolated."

Japan would "go ahead with what it has already promised (to China), when the time is right," he said. Such decisions will be taken on the basis of such considerations as improvements in human rights within China, he said.

JAPANESE BANKS EXTEND

CHINESE CREDIT LINE

TOKYO - A syndicate of 67 Japanese commercial banks has decided to extend the drawing period for unused credit lines of $1.2 billion offered to China by a full year to July 1991, according to an official of the Bank of Tokyo.

The Bank of Tokyo, which represents the syndicate, signed the agreement with China Monday, the official said.

The original conditions for the loans will be maintained, including the interest rates set at 0.25 to 0.375 percentage point higher than the London interbank offered rate, and a July 2000 deadline for repayment, he said.

PHILIPPINES GETS

GRANT FROM JAPAN

MANILA, Philippines - Japan extended another 1.8 billion yen in grants to the Philippines, completing its 135-billion-yen ($854 million) commitment to the multilateral assistance initiative launched in Tokyo last year, the Japanese Embassy here announced Tuesday.

The agreement, which brings to 14.137 billion yen Japan's total grant- in-aid to the Philippines for fiscal 1989, was signed by Tsuneo Tanaka, ambassador, and Raul Manglapus, Philippine foreign secretary.