Australia provides low-interest loan of US$300 million to Papua New Guinea for core services and budget repair
Australia's minister for international development and the Pacific, Alex Hawke, announced that the Australian government will lend $US300 million (A$440 million) to Papua New Guinea (PNG). This will assist PNG's government continuing delivery of core services and enable the country to prepare for longer-term economic reforms.
The loan will be provided through Export Finance Australia at a concessional rate of 2.5%. It will not draw funding from Australia’s ODA budget.