The recent International Monitory Fund (IMF) preliminary agreement for a loan to Papua New Guinea (PNG), has got the Opposition up in arms against what it says is another additional debt burden on a country that already has an increased debt level. The Deputy Opposition Leader and MP for Chuave, James Nomane, released a statement in response to this, stating that the IMF announced that PNG will borrow $265 million, approximately K1.0 billion in a new financing package to run alongside the over USD1.0 billion (PGK3.93 billion) PNG already owe the IMF. The IMF stated that PNG has reached a preliminary agreement for the $265 million deal aimed at enhancing climate change resilience, with the final approval expected in the coming weeks by the IMF's executive board. The announcement, made by the IMF on Tuesday, indicates that the staff-level agreement is the first step towards securing the resources needed to address the growing challenges posed by an altering climate. Mr. Nomane went on to say that this loan agreement was not even announced by the Marape- Rosso Government. “To make matters worse, we heard this via the IMF website, and not in a transparent, upfront announcement from our own authorities. K1.0 billion is a lot of money. Who is in charge of our economy when our own Prime Minister or Treasurer are shying away from such an announcement? How can the IMF be so nonchalant about posting this loan on their website?” Nomane questioned. “The IMF announcement was made on the back of an IMF staffer spending a few days touring the Sepik River and becoming an instant expert on our cost-of-living pressures as he proudly proclaims, “Inflation is at an all-time low in PNG at just 1.3%”. Seriously, is this man an economist or masquerading.” He said the IMF staffer stated that PNG’s economic outlook remains positive with growth expected to increase to 4.5% in 2024 from 2.9% in 2023, supported by the resumption of activities at the Porgera gold mine and improvements in access to foreign exchange, an average headline inflation is projected to remain historically low at 1.3% in 2024. However, Nomane said Porgera has not restarted and is mired in landowner issues and violence. “Maybe he should have gone to Porgera to see firsthand the diabolical disaster that has become of this once productive project before it got caught up in the Marape curse,” the Deputy Opposition Leader stated Secondly, Nomane said the Bank of PNG Governor announced earlier this week that growth in 2024 had slowed and was expected to be around 3% in 2024, suggesting that the economic situation is not in a position for additional loans. “Is the IMF economist contradicting our good Central Bank Governor?” In addition to these challenges, there are also additional issued like the shortage of cash to pay public servant wages each fortnight and hospitals cannot buy medicines, schools lacking operational funds, and the police regularly running out of fuel for their vehicles. “Yet the IMF economist after a couple of days touring about the Sepik says all is well. Does the IMF think that we are so gullible?” Mr. Nomane then concluded by saying that the people must absolutely reject this new loan of USD265 million as it will only add more financial burden on Papua New Guinea in the long run.