Prime Minister Hon James Marape along with PNG’s Treasurer yesterday announced the Australian Government will provide over K1 billion (USD300 million) of funding to immediately assist the country’s budget and the economy.
The funding assistance comes after PM Marape’s state visit to Australia, with the Morrison government following through with this significant commitment.
According to Marape, the loan was negotiated on favourable terms at 2 percent plus 0.5 percent interest.
“The Treasurer has already released the 2019 Supplementary Budget and will shortly release the 2020 Budget, which will detail how the Australian funding will assist the budget and businesses in Papua New Guinea. The Treasurer will also use the budget to chart the path to recovery for the budget and the economy for today and over the future” Marape said in his press release.
“I want to convey my gratitude to the Australian Prime Minister Morrison, Treasurer Frydenberg, Minister Alex Hawke and the people of Australia for their steadfast commitment to Papua New Guinea on behalf of the people of Papua New Guinea. I look forward to continuing our close and enduring partnership.”