ARTICLE · 06 MARCH 2011

Papua New Guinea As A Borrower – What Is Involved?

Pacific Legal Network

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As the PNG economy grows and the need for capital increases, the borrowing powers and the sovereign immunity of the Independent State of Papua New Guinea (State) become more important to understand.

AustraliaStrategy

Michael Sullivan

As the PNG economy grows and the need for capital increases, the borrowing powers and the sovereign immunity of the Independent State of Papua New Guinea (State) become more important to understand.

This article explores both the State's borrowing powers and its entitlement to sovereign immunity inside Papua New Guinea (PNG) and elsewhere.

THE BORROWING POWER UNDER THE CONSTITUTION

The Constitution of the State (Constitution) details the basic borrowing powers of the State.

Section 1(1) provides that:

"Papua New Guinea is a sovereign, independent state by the name of the Independent State of Papua New Guinea."

In the Constitution, "Papua New Guinea" means the legal entity of the State.

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