Papua New Guinea's government has announced a US$57.3 million bailout package for small businesses struggling due to the pandemic
Bank South Pacific, Port Moresby Photo: RNZ / Johnny Blades
The Post Courier reported the Minister for Commerce and Industry, William Duma, saying the money would be available in the form of loans from Bank South Pacific and National Development Bank.
They are to be repaid at a "very low interest rate" over a 15-20 year period, Duma said.
The money would be available to sectors including agriculture, ventures for youth, woman-alone businesses, as well as businesses on Bougainville.
The bailout, however, is not for political cronies and supporters, as had been the case in failed schemes of the past which cost PNG millions, Duma said.
The 200-million kina bailout programme will run for a five-year period.