The government’s COVID-19 bond was oversubscribed after the first week, according to Treasurer Ian Ling-Stuckey. He said over K1 billion was raised and that the money will help protect Papua New Guineans from the worst effects of the coronavirus pandemic.
War chest: oversubscribed COVID-19 bond will help Papua New Guinea fight virus
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11 May 2020 by 2 Comments
Headed for recession: bank and rating agencies’ bleak forecast for Papua New Guinea in 2020
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6 May 2020 by Leave a Comment
Economists are forecasting a recession in PNG in 2020 as the country struggles to deal with the global crisis caused by the outbreak of the COVID-19 virus. The ratings agency Standard & Poor’s has also downgraded the country’s debt.
Court challenge: Marape forced to rethink Porgera decision by courts
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4 May 2020 by 12 Comments
The decision by the Marape-Steven government not to extend the Special Mining Lease on the Porgera gold mine is headed for the courts after the National Court of Justice at Waigani ordered both parties to have discussions to resolve the matter.
Porgera fallout: Prime Minister moves to reassure Papua New Guinea’s miners
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29 Apr 2020 by 7 Comments
Prime Minister James Marape moves to allays concerns among Papua New Guinea’s mining companies following the decision not to renew the special mining lease for the Porgera gold mine. Meanwhile, the mine’s temporary closure is already affecting local business.
‘Nationalisation without due process’? Barrick Gold to take on Papua New Guinea government over Porgera decision
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27 Apr 2020 by 7 Comments
The Papua New Guinea Government has announced that it will not renew the existing Special Mining Lease at the Porgera gold mine, which is operated by Barrick Gold. Barrick is set to challenge the decision.
How Papua New Guinea’s crisis in business funding could be solved
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27 Apr 2020 by 2 Comments
The impact of the COVID-19 crisis on Papua New Guinea’s financial markets has been muted so far. However, the crisis provides an opportunity to create new investment opportunities so that local entrepreneurs can raise capital more easily.
Debt crisis looming: reports say Papua New Guinea needs new investment
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20 Apr 2020 by 1 Comment
Papua New Guinea is facing a debt crisis according to new reports from the Asian Development Bank and the World Bank, and the country will need the cash injection of new major investments to avoid ‘lacklustre’ future growth.
Oil Search capital raising: is stake in PNG LNG project up for sale?
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8 Apr 2020 by 6 Comments
Papua New Guinea’s largest company, Oil Search, is proposing to raise US$700 million (K2.4 billion) to strengthen its balance sheet in response to declining oil prices. The company’s stake in the PNG LNG project may also eventually be on the table.
Explainer: Papua New Guinea’s stimulus package relying on overstretched IMF
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6 Apr 2020 by 1 Comment
Papua New Guinea’s government has announced its Budget deficit will balloon to more than K6 billion, the biggest in the nation’s history. Treasurer Ian Ling-Stuckey has announced a well-targeted stimulus, but the International Monetary Fund needs to come to the party.
Forex squeeze: is Papua New Guinea’s stable kina a liability?
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1 Apr 2020 by Leave a Comment
As a thinly traded currency, the kina has been protected from some of the volatility affecting world markets in the wake of COVID-19, but that presents its own set of problems.
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