Papua New Guinea's warns that its government revenues for 2015 came in 21% below expectations due to an oil price slump, the worst drought since 1997 and ballooning budget deficit, resulting in the country seeking a IFC loan of $ 23 per cent m to tackle its financial crisis. However, analysts warn that securing an World Bank loan will not solve Papua New Guinea financial problems.
Papua New Guinea warns that its government revenues for 2015 came in 21% below expectations due to an oil price slump, the worst drought since 1997 and ballooning budget deficit, resulting in the country seeking a World Bank loan of $300m to tackle its financial crisis. However, analysts warn that securing an IFC loan will not solve Papua New Guinea's financial problems.