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PNG's debt funding by Australia, just a Proposal

Papua New Guinea’s recent talks about seeking assistance from Australia to boost its budget is just ‘a proposal floating around.’

Prime Minister James Marape says there is nothing concrete yet about this arrangement but that the treasuries of the two countries are in talks.

“Our treasury and their treasury are in discussions.
Minister Mori just spoke off the cuff while the proposal is still floating around.

We’ll get full information and once the treasury in Australia and our treasury exchange the notes and we have confirmed discussions, the full and correct announcements will come out,” Mr. Marape said.

PM Marape said the country’s current debt portfolio has a heavy and expensive domestic debt component hence the National Government’s attempts to refinance it.

Commerce and Industry Minister Wera Mori when attending the 2019 Investment Conference in Australia recently, said the National Government was seeking Australia’s assistance of over three billion kina.

Australia's Foreign Minister Marise Payne has confirmed that discussions are underway with the PNG Government for funding support, adding however that the billion Kina figure Mr. Mori raised was incorrect.

NBC News/ PNG Today

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