Govt in talks to secure US$100m loan

The Government is in talks with the World Bank to secure a US$100 million (around K324m) loan for a budget support.

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.

Meantime, World Bank country director, Michel Kerf, said the World Bank will be stepping up its economic engagement with PNG because of the potential economic opportunities it has within the Pacific region.

He added that the World Bank will also be setting up a program to support government sectors in the country.

Freddy Mou