PNG seeks $580M loan from Australia

PAPUA New Guinea is preparing to ask Australia for a new loan for up to $580 million to help repair its ailing budget, with about $295 million to be handed directly to the country’s MPs to spend ahead of national elections next year.

PNG seeks $580M loan from Australia PNG seeks $580M loan from Australia PNG seeks $580M loan from Australia PNG seeks $580M loan from Australia PNG seeks $580M loan from Australia

Zed Seselja

Negotiations have been under way for months on a proposed loan of at least $390 million - but potentially up to $580 million - at 2% interest, The Australian newspaper reported.
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