PNG Requests K860m For Covid-19 Response
Treasurer Ian Ling-Stuckey has announced that they are seeking K860 million from development partners and key international financial institutions since the reporting of the country’s first confirmed coronvirus (Covid-19) case.
Mr Ling-Stuckey stated that based on the country’s close relationship with the IMF, World Bank, and Asian Development Bank, the government has requested K860 million in support for PNG’s health and economic actions to deal with the coronavirus pandemic.
He added that the request was part of a wider coordinated government response to the issue. “PNG has applied for funding from key multilateral agencies to support its response to the coronavirus pandemic. Today, I have requested $US182 million (K620.7m) from the IMF.
“On Friday, I requested $US50 million (K170.5m) from the Asian Development Bank.
“Last Tuesday, I requested $US20 (K68.2m) million from the World Bank Group.
“In total, we are requesting $US252 million or K860 million.
This friendly international support will back our own efforts in response to the crises. “Based on our positive work with these multilateral agencies over the last six months such as the IMF, we are expecting positive responses.
This is part of the benefits of the Marape-Steven government’s economic reform program. Economic credibility has benefits,” Minister Ling-Stuckey stated.
The IMF had announced a $50 billion for its rapid financing facilities, the ADB $6.5 billion in financing, while the World Bank recently announced its revised financing of the initial from $12 billion to $14 billion for countries with inadequate health and emergency response facilities in the Pacific which includes Papua New Guinea.
World Bank’s country director for Papua New Guinea & the Pacific Islands, Michel Kerf recently outlined financing options available to member countries.
“The impacts of the pandemic are very much front and center for the World Bank Group.
We’ve just announced a US$14 billion package of global support to help countries and companies deal with the impacts of the global pandemic (recently increased from US$12 billion through more lending from IFC – the World Bank’s sister organization – to businesses affected by the outbreak).
“The package centers on helping countries deal with the impacts of the pandemic and on helping companies to keep their doors open and protect people’s livelihoods and jobs.
Treasury Department secretary Dairi Vele earlier this month said the government was aware of the complexities involved in accessing such funding, and how quickly they can be accessed whether through existing funding pools or programs being undertaken in the country.
“So we are interested to try and get a grip on what this means for us.
“All these key organisations are aware of the situation, we are interested to understand how we can access those funds,” said Mr Vele. Continue reading at https://postcourier.com.pg/png-requests-k860m-for-covid-19-response/ | Post Courier