Papua New Guinea

No estimate/amount: (i) 30 March 2020, BPNG has reduced the Kina Facility Rate (KFR) – the main policy rate - by 200 basis points to 3% from 5% and has asked the commercial banks to reduce their respective Indicator Lending Rates; (ii) To encourage interbank activity, BPNG has increased the margin on central bank borrowing by 25 basis points to 100 basis points of both sides of KFR.

No amount/estimate: The government has asked the superannuation funds to allow members who have been laid off from work due to COVID-19 to access their savings. On April 8, Superfunds announced that its members whose employment was terminated by their employer as a result of COVID-19 will be entitled to a one-off payment of 20% of the member’s contribution (PGK500 million support from superannuation savings to employees affected by the economic slowdown).

(i) 8 April 2020, TA 9950-REG: Regional Support to Address the Outbreak of COVID-19 and Potential Outbreaks of Other Communicable Diseases USD0.85 million for Papua New Guinea; (ii) 15 April 2020, USD0.08 million technical assistance under Strengthening Social Protection in the Pacific ; (iii) 24 April 2020, USD0.13 million technical assistance under Developing the Pacific Health Sector (Additional Financing); (iv) 5 June 2020, USD0.14 million technical assistance under Pacific Economic Management (Additional Financing); (v) 24 June 2020, USD0.5 million technical assitance under Support for Water and Sanitation Sector Management (Additional Financing); (vi) June 30, USD0.10 million techinal assistance under Quality Jobs and the Future of Work; (vii) 1 July 2020, USD0.15 million techical assistance under Promoting Digital Finance Solutions for Inclusive Finance among Partner Financial Institutions; (viii) 29 July 2020, USD3 million under COVID-19 Emergency Response; (ix) 10 August 2020, USD2.66 million under Knowledge and Support Technical Assistance for Strengthening Water, Sanitation, and Hygiene Practices and Hygiene Behavioral Change in the Pacific; (x) 12 August 2020, USD0.06 million technical assitance under "Support for gender sensitive responses to COVID-19 in the Pacific Developing Member Countries; (xi) 2 December 2020, USD0.03 million technical assistnace under Promoting Transformative Gender Equality Agenda in Asia and the Pacific.; (xii) 8 December 2020, USD250 million COVID-19 Rapid Response Program. ; (xiii) 8 December 2020, USD50 million Health Services Sector Development Program. (xiv) 17 December 2020, USD0.35 million technical assistance under "Supporting MSMEs in the Pacific from the Effects of COVID-19 Pandemic".(xv) 22 September 2021, USD0.06 million technical assistance under "Fostering Regional Cooperation and Integration throughKnowledge and Capacity Building of Trade and Supply Chain Finance Program Banks".

(i) 10 April 2020, USD20 million World Bank COVID-19 Emergency Response Project, IDA credit; (ii) 17 April 2020, USD1.2 million from USAID to prepare laboratory systems, activate case-finding and event-based surveillance, support technical experts for response and preparedness, risk communication, infection prevention and control, and more; (iv) May 2020, USAID support to date increased to USD3.55 million; (v) 20 May 2020, USD995,593 UN COVID-19 Response & Recovery Fund for Integrating WASH, Nutrition, MNH interventions for COVID-19 Response in Western Province, Papua New Guinea; (vi) 9 June 2020, USD363.6 million to help cover balance of payments needs; (vii) 23 December 2020, Paris Club granted suspension of debt service due from 1 January to 30 June 2021.; (viii) 20 May 2021, USD52 million targeted financing from Australia.; (ix) 25 June 2021, USD30 million additional support from World Bank for COVID-19 response and vaccine rollout.