New Delhi: The Asian Development Bank (ADB) has signed a $100 million loan agreement with the Papua New Guinea government to improve governance and accountability across the public sector. The Strengthening Public Sector Management Program supports the government in enhancing fiscal management, improving state-owned enterprise governance, and strengthening accountability institutions.
PNG Minister for Treasurer Ian Ling-Stuckey and ADB Country Director for Papua New Guinea Said Zaidansyah signed the agreement in Port Moresby, an ADB press release stated. The program will be implemented in two subprograms. The first subprogram will receive $100 million in 2024, and the second subprogram will receive $150 million in 2026.
Mr. Zaidansyah said the program would support the government in strengthening the legal, regulatory, and institutional frameworks for improved governance and accountability in the country. “It will also build in climate change considerations into public sector management,” he said.
The program’s first pillar supports improved revenue collection and public debt management. The second pillar emphasizes improving SOEs’ financial reporting, auditing, procurement, and corporate planning, and annual reporting. The third pillar will strengthen critical accountability frameworks and institutions.