PAPUA New Guinea has met the requirements for a US$300 million (K960mil) Asia Development Bank (ADB) loan to support the Government’s health budget over three years.
ADB president Takehiko Nakao confirmed that PNG had qualified for the loan and it was now with the board for endorsement at the end of the month. Deputy Prime Minister and Treasurer Charles Abel made the announcement yesterday during his meeting with the Nakao and the management of the bank in Manila, the Philippines.
Abel is attending the ADB annnual meeting and acknowledged its support for the earthquake relief (US$1mil-K3.27mil) and the financing of work on the Highlands Highway.
“We are thankful for the ADB-supported programmes in PNG including the first phase of the multi-tranche financing facility for the Highlands Highway rehabilitation of US$300 million,” he said.
“President Nakao confirmed that Papua New Guinea has met the requirements for the budget support programme of US$300 million
over three years for the health sector and it would go to the board for endorsement at the end of this month.”
Abel also expressed support for towards the hosting of the bank’s 52nd annual meeting in Fiji next year. The National
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