PNG loan

Papua New Guinea seeks World Bank loan after dollar shortage

The move to borrow K720 million (US$232 million ) follows the country’s failure to raise K2400bn (US$775 million) on bond markets late last year and a slowdown in the South Pacific nation’s economy, which until recently was the best-performing in the region thanks to the construction and start-up of a K40bn (US$14 billion) gas plant operated by ExxonMobil.