World Bank to give K433m to PNG

A Potential financial support in the order of US$175 million (K433m) over the next two years were among discussions held by Papua New Guinea and the World Bank last Friday.

The discussions between Prime Minister Peter O’Neill and World Bank’s vice president East Asia and Pacific Axel  van Trotsenburg also reviewed current and future cooperation, including lending, technical assistance and analytical advice.

This was revealed by Mr van Trotsenburg in a press conference on Saturday and by the PM in a separate statement.

Mr van Trotsenburg was accompanied by the World Bank’s new country manager for PNG Steffi Stallmeister.

Mr O’Neill said the working relationship between the country and the bank is healthy, adding this has been built over many years.

Stemming from this, the partnership has also delivered many tangible outcomes for the people and the nation at large, the PM stated.

“We thank the World Bank for its offer to provide further technical support in areas where capacity strengthening is required. This includes building the capacity of the National Statistics Office for which it will provide technical assistance,” Mr O’Neill said.

“The on-going and expanded project in the agriculture sector is of particular value to smallholder farmers in the coffee and cocoa sectors, while other projects are also providing for youth development and other social and economic activities.”

Mr van Trotsensburg said he is pleased with the discussions he held not only with Mr O’Neill but also with other ministers of government, the Bank of PNG as well as donor partners and civil society, to mention a few.

He confirmed the potential of the country benefiting from a further US$175 million. This would be in addition to the US$174 million the country received over the last two fiscal years and recent addition of US$169 million.

“We had an excellent discussion covering a wide range of issues. The World Bank and the Government of PNG share the same solid commitment to improve the lives  of PNG,” he said.

“I reiterated the bank’s willingness to continue its strong assistance program.”

PNG Today / Post Courier