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PNG Prime Minister Marape announces K1 billion Loan from Australia

Papua New Guinea Prime Minister James Marape has announced that the Australian Government will be providing about K1 billion (300 million dollars) in concessional loans to assist the country's 2020 budget and economy.

Mr. James Marape in a statement released yesterday (Saturday) said that the loan is a result of his first State visit to Australia after becoming Prime Minister, and it will be one of the cheapest compared to loans undertaken by the previous government.

Marape also said that this funding is the first significant concessional loan Australia has ever offered to anyone in the world, and it reflects the confidence they have in the extensive and comprehensive reforms undertaken by the Marape/Steven Government.

The Prime Minister further adds that the reforms they have undertaken are aimed at repairing the budget, improving revenue, and strategically target expenditure to growing the economy and removing trade barriers to propel overseas exports.

He further added that these actions are important because it will assist the government better respond to the country's development needs and access to electricity and safe drinking water which is now lacking.

Prime Minister Marape also took time to convey the country's gratitude to the Australian Prime Minister Scott Morrison, Treasurer Josh Frydenberg, Minister Alex Hawke and the people of Australia for their steadfast commitment to Papua New Guinea.


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