IMF Agreement to Boost Papua New Guinea's Climate Resilience

Papua New Guinea and the IMF have reached a preliminary agreement for a $265 million deal aimed at enhancing climate change resilience. Final approval is expected in the coming weeks by the IMF's executive board.

Papua New Guinea has secured a crucial preliminary agreement with the International Monetary Fund for a substantial financial package. The arrangement involves access to about $265 million, specifically aimed at bolstering the nation's resilience against climate change impacts.

The announcement, made by the IMF on Tuesday, indicates that this staff-level agreement is the first step towards securing the resources needed to address the growing challenges posed by an altering climate.

The IMF's executive board is set to review and decide on this request in the coming weeks, marking a significant move in the nation's efforts to counteract environmental changes.

(With inputs from agencies.)