Australian budget support for Papua New Guinea

The Australian Government will provide a loan of $US300 million to help Papua New Guinea in its efforts to put its budget on a more sustainable trajectory, assist in the delivery of core government services and support longer-term economic reforms.

This assistance reflects the Australian national interest in a stable and prosperous Papua New Guinea, and it builds on our two countries’ strong economic partnership, which includes support for economic reform.

It will also benefit Papua New Guinean and Australian businesses by increasing the availability of foreign exchange in the country and by supporting trade and investment.

As Papua New Guinea’s enduring partner and friend, we are committed to its development and wellbeing and we are pleased the Government of Papua New Guinea has taken the steps necessary to give us confidence in its economic reform agenda.

The loan will be provided by Export Finance Australia on the National Interest Account and will be structured to incur no cost to the taxpayer.