The country will see a slight increase in both loans and grants next year as support coming in from Papua New Guinea’s (PNG) development partners towards funding the 2024 National Budget. The total of grants and loans for 2024 amount to K3, 418.8 million, which comprises of K1, 213.8 million in loans and K2, 205 million in grants. The 2024 grants increase 8% from 2023 total in grants and loans increase 4% from 2023 total in loans. According to the country’s Treasurer, Mr. Ian Ling Stuckey, the total loans and grants account for 32% of the Capital Expenditure Budget of K10.7 billion. “Grants and loans play a significant role in supporting infrastructure developments in the Transport, Health, Education, Law and Justice Sectors, provided technical assistance and capacity building in climate and environmental initiatives and addressing cross cutting issues,” said the Treasurer. “The recently launched MTDP IV requires development partners to align their assistance programs and projects with the 12 SPAs and 71 DIPs outlined in the plan.” The development partners include PNG’s bilateral and multilateral partners, international NGOs, regional Organisations, private sector foundations and climate finances. The MTDP IV presents financing options for development cooperation support over the next four years. “The Marape-Rosso Government is committed to support ongoing policy priorities to achieve national prosperity and promote economic growth.” This assistance from development cooperation, is sought to support the economy, improve economic and social indicators, and invest in strategic areas such as economic development, infrastructure, human capital, governance, service delivery, foreign direct investment, and partnerships. Meanwhile, the Government of Australia, through the Department of Foreign Affairs and Trade (DFAT), is the largest contributor, providing grants totalling K1, 196.2 million. Other Development Partners providing grants in 2024 include the European Union (EU), United Nations System (UNS), Japan International Cooperation Agency (JICA), People's Republic of China (PRC), and New Zealand Aid (NZAID). In terms of loans, the People's Republic of China (PRC) is the largest bilateral loan financier for PNG in 2024, followed by the World Bank (WB), Asian Development Bank (ADB), and Japan. Other financiers include DFAT-Australia, the International Fund for Agricultural Development (IFAD), and the Korean Export-Import Bank (Korean EXIMB). PNG will also be looking to source funding from Asian Infrastructure Investment Bank during 2024.