Claims of securing loan from China denied

PRIME Minister James Marape has denied claims on social media that he recently went to China to secure a loan.
“We did not secure any loan from China, although we took our letter of ascension to be a member of the Asia Infrastructure Investment Bank (AIIB),” he said.
“The AIIB is an important bank. Australia has oversight of the bank in our region. We are now a member of AIIB.
“Softer lending facilities will now become available.”
Marape was responding to claims that the Government had gone to Chine to secure a loan.
He met President Xi Jinpin on Oct 17 at Beijing’s Great Hall of the People while in China to attend the third Belt and Road Forum for International Cooperation.
President Xi pointed out that PNG was one of the first Pacific island countries to establish diplomatic relations with the People’s Republic of China.
It appreciated PNG’s commitment to the one-China principle and its firm support for China on issues involving China’s core interests and major concerns.
Marape said the Government, given the deficit budget it was focusing on, “has to maintain responsible borrowing”.
“At the moment, we have no direct financial help from China.
“But Australia (has been helping us) in developing our ports and other aid programmes,” he said.
Marape, however, said that China had given a K50 million grant to be spent on education institutions – with between 10 and 15 targeted high and secondary schools to benefit from the grant.