WASHINGTON - GENERAL Motors Corp will receive a second S$5.4 billion (S$7.9 billion) installment of its government loan on Jan 16, the US Treasury said on Monday.

In a transaction report for its bailout fund, the Treasury said it has approved the release of a total of US$9.4 billion for GM, including US$4 billion disbursed on Dec 31 and US$5.4 billion to be funded on Jan 16.

The Treasury has agreed to lend GM another US$4 billion, but those funds would come from a second US$350 billion tranche of the US$700 billion Troubled Asset Relief Program that Congress could block.

GM on Monday reported a 31 per cent decline in December US sales compared with a year earlier, capping a 23 per cent decline for all of 2008. -- THOMSON REUTERS