World Bank: US$150 Million For Agriculture

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Papua New Guinea has an estimated GDP growth exceeding 20 percent in 2015. Treasury Minister and IMF Chairman, Patrick Pruaitch, made the announcement in Washington DC at the IMF session, saying that PNG topped its constituency, which included Australia and New Zealand.

Prime Minister Peter O’Neill also welcomed the World Bank’s support of 150 million US dollars for the government’s agriculture and road maintenance program.

 

Mr. Pruaitch signed the agreement in Washington DC last week.

 

Prime Minister, Peter O’Neill, has welcomed the World Bank’s support of 150 million US dollars to support government’s agriculture, and road maintenance programs.

 

Thirty million US dollars, will support over 60 thousand small cocoa and coffee farmers throughout the country.

 

They will utilize this to double the production over five years under the Productive Partnerships in Agriculture Project.

 

One Hundred and twenty US dollars will be spent on road maintenance and rehabilitation programs launched in 2011.

 

Mr. O’Neill said the credit provides support to small cocoa and coffee farmers in the country, and supports Small and Medium Enterprises Initiatives. This, he said, will lift agriculture production.

Treasury Minister, Patrick Pruaitch, who is also the joint Chairman of the board of Governors of the World Bank and International Monetary Fund, expressed satisfaction in his new role as the chairman of the two Worlds leading financial Institutions.

 

Whilst in Washington DC last week, Treasurer Pruaitch signed this agreement with the World Bank and secured 150 million US dollars.

 

Pacnews also reported that the minister, in his presentation, announced that PNG topped its constituency, which included Australia and New Zealand, with a growth projected at over 20% of GDP in 2015.
 
The Treasurer was also briefed about the key roles that he will play.

He will chair the Boards of Governors Meetings of World Bank and the International Monetary Fund in October 2014, and chair the Remuneration Committee; and thirdly the Procedures Committee.

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