ADB Funds Air Nuigini
In the restructuring and reorganisation of Air Niugini, the Asian Development Bank (ADB) will fund K100 million.
Treasurer Ian Ling-Stuckey said the task of recovery would take a bit longer and be more difficult for this airline which is slowly starting to continue its domestic and international flights after the 8-month lockdown.
He added that some state-owned enterprises such as Water PNG, PNG Ports, Motor Vehicle had operated during the pandemic but Air Niugini and PNG Power Ltd were badly hit.
Ling-Stuckey remarked that there would be a clearer framework for partnerships, guaranteeing that the interest of the public is protected.
“These will be exciting times but also challenging times,” Ling-Stuckey said. “This is all part of making PNG stronger as we emerge from the pandemic. “We are laying the groundwork for sustainable, long-term gains that boost SoE performance and ensure other social development objectives become a reality. This includes the goal of providing electricity to 70 per cent of the population by 2030, greatly improving water and sanitation and providing services at affordable prices. These reforms, which may include reforms we saw with Nasfund and Bank South Pacific, will ensure the appointment of professional directors and high-performing managers. With capable management and adequate financial assistance, the SOEs can prosper in a climate many people are describing as the new normal.”