Loan

The IMF stated in a press release that the program seeks to protect the vulnerable and foster inclusive growth.

The reforms will focus on strengthening debt sustainability, alleviating foreign exchange (FX) shortages, and enhancing governance and operationalizing the anti-corruption framework.

Treasurer Ian Ling-Stuckey said the K1 billion provided to the 2020 Budget was welcome support from a long-standing partner and demonstrated the confidence partners had in PNG's economic recovery.

“The assistance was provided as a very, very cheap loan, with an annual interest rate of only 0.01 percent (one-hundredth of a percent), a 15 year loan term and 4 years before any loan principal repayments are required,” stated Ling-Stuckey.

“Funds were allocated to the urgent fight against COVID-19, and general health measures.”

Acting Prime Minister and Treasurer Charles Abel, accompanied by some Ministers and government officials, met with World Bank officials on Wednesday in Port Moresby to discuss a way forward.

Treasurer Abel explained that the funding will not be for any specific program but to support the 2018 Budget.

He added that the Government will also be working alongside other agencies like the IMF for a short and longer term support through the Budget.

Justice Ellenas Batari this morning sentenced James Yaleme to three years in prison however he had that sentence fully suspended with conditions imposed by the court.

Yaleme was found guilty by the court on September 10 of obtaining K15, 000 under false pretence from a man known as Jackson Andiki between June and July 2013.

A cheque of K30,000 was drawn up by Yaleme to the complainant however that cheque was rejected by the bank while Yaleme went into hiding.

Six months later the complainant (Andiki) held up a security vehicle owned by Yaleme to get his money back.