Govt looking for ways to refinance debts: PM

PRIME Minister James Marape, pictured, says the Government is looking at possibilities of refinancing a heavy and expensive domestic component in the country’s debt
Responding to questions over debt financing, especially for assistance from overseas, Marape said the Government was in fact looking at refinancing most of its debts.
“We’ve looking into all possibilities,” the prime minister said.
“In the last seven or eight years, our Government continued to go back to central bank to inscribe stock and treasury bills,” he said.
“That domestic debt is the most expensive part of our debt portfolio, the rest are compounded debt for the last 44 years and has been part of our economy.”
Marape did not disclose the breakdown of the debt.
“Our conversations are open to any financial institutions out there – that is Australian Federal Reserve, China Exim and any financial institutions around.
“Definitely we will not be putting all our eggs into one basket.
“… someone who comes with the best possible loan terms for us, who can work with the central bank to assist alleviate that heavy elements of debts we have.”
In response to reports of a A$1.5 billion (K3.5bil) financial assistance from the Australian government, Marape said it was just a proposal that was being floated around.
“There is nothing concrete yet, our Treasuries are in discussions so Commerce and Industry Minister Wera Mori just spoke off the cuff on a proposal that is being floated around.”