PNG Prime Minister Marape rejects Report of US$ 2 billion IFM 'bailout'
Papua New Guinea Prime Minister James Marape has dismissed reports that PNG is desperately seeking a US$2 billion bailout package from international financial institutions.
“We are not getting baild out from IMF. We are not that desperate yet. “Wrong headline from overseas media, we are not getting bailed out.” Mr Marape said
He was responding to reports by the Australian Financial Review that he is seeking assistance to
bailout PNG in fear of it becoming a failed State.
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The AFR reported that Australia and international lenders were preparing a bailout package of about $US2 billion ($3.3 billion) for PNG to help prevent it from becoming one of the failed Sates feared as a result of the coronavirus pandemic.
It reported that as oil and commodity prices tumble, PNG was facing a severe budget shortfall and was negotiating a bailout package with the International Monetary Fund, World Bank and bilateral donors like Australia.
The AFR reported that Mr Marape spoke with Scott Morrison on Tuesday, according to Bloomberg.
“Prime Minister Scott Morrison spoke with his PNG counterpart James Marape on Tuesday afternoon, and it is understood strong international support for the Pacific was discussed,” the AFR report said.
“The Department of Foreign Affairs and Trade said PNG was looking at its options to finance an expected budget shortfall.”
AFR reported that it is understood Australia was part of these discussions with multi-lateral lenders.
David Gould, a regional economist from the World Bank, said PNG would require a concessional loans package to help it through the coronavirus crisis.
“The Pacific, and countries like Papua New Guinea, are among the most vulnerable in the world,” he said.
“As donors we are looking at ways to support PNG. Everything is on the table.”
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“We are not getting baild out from IMF. We are not that desperate yet. “Wrong headline from overseas media, we are not getting bailed out.” Mr Marape said
He was responding to reports by the Australian Financial Review that he is seeking assistance to
It reported that as oil and commodity prices tumble, PNG was facing a severe budget shortfall and was negotiating a bailout package with the International Monetary Fund, World Bank and bilateral donors like Australia.
The AFR reported that Mr Marape spoke with Scott Morrison on Tuesday, according to Bloomberg.
“Prime Minister Scott Morrison spoke with his PNG counterpart James Marape on Tuesday afternoon, and it is understood strong international support for the Pacific was discussed,” the AFR report said.
“The Department of Foreign Affairs and Trade said PNG was looking at its options to finance an expected budget shortfall.”
AFR reported that it is understood Australia was part of these discussions with multi-lateral lenders.
David Gould, a regional economist from the World Bank, said PNG would require a concessional loans package to help it through the coronavirus crisis.
“The Pacific, and countries like Papua New Guinea, are among the most vulnerable in the world,” he said.
“As donors we are looking at ways to support PNG. Everything is on the table.”
Statement
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