In his latest Monetary Policy Statement, the Governor of the Bank of Papua New Guinea, Loi Bakani, forecasts GDP will decline by four per cent in 2020 but rebound slightly next year. He also expressed concerns about changes to the Central Banking Act.
Papua New Guinea businesses continue to struggle financially in COVID-19 crisis
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7 Oct 2020 by Leave a Comment
The Business Council of Papua New Guinea’s second Market Conditions Survey has found almost eight out of ten respondents did not meet their projected revenue and profit results for the first half of 2020.
Harder than expected: introducing Papua New Guinea’s new resources laws
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1 Oct 2020 by 1 Comment
The Marape government’s proposed introduction of a new Organic Law for mining, and oil and gas projects will do away with Papua New Guinea’s ‘robust’ legal regime, according to Vaughan Mills, Head of PNG Practice for Corrs, Chambers Westgarth.
The road ahead: Papua New Guinea’s GDP could rebound by 3.2 per cent next year says the World Bank
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1 Oct 2020 by Leave a Comment
Two new World Bank reports outline the challenges facing Papua New Guinea in the wake of the COVID-19 economic shutdowns in the Asia-Pacific region.
Commodities update: silver loses shine, cocoa melts but LNG prices rise
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29 Sep 2020 by Leave a Comment
LNG prices surged, clawing back most of this year’s losses, but oil prices fell. Silver also lost some of its recent spectacular price gains. Business Advantage PNG’s monthly overview of commodity and financial markets.
‘SMEs are hurting’: ANZ’s Mark Baker on the bank’s post-COVID challenges in Papua New Guinea
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28 Sep 2020 by 2 Comments
Renegotiating terms or refinancing are proving to be the best way to deal with the shock caused by COVID-19 according to Mark Baker, Managing Director of ANZ Bank Papua New Guinea. In an exclusive interview he tells Business Advantage PNG that improving confidence is the big challenge.
Money for reforms: ADB offers Papua New Guinea COVID assistance
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23 Sep 2020 by Leave a Comment
The Asian Development Bank is looking to provide as much as US$800 million (K2.8 billion) in new funding to support Papua New Guinea’s budget, according to its Country Director, David Hill.
Ready to sow: Papua New Guinea’s agriculture sector could rebound next year
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21 Sep 2020 by 1 Comment
Papua New Guinea’s agriculture sector has been adversely affected by the impact of COVID-19. But according to a report by ANZ Research, exports of agricultural commodities may rebound sharply next year.
Fair share? Papua New Guinea’s move to production sharing in resource projects questioned
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14 Sep 2020 by Leave a Comment
The Papua New Guinea government’s proposal to move to production sharing agreements in resource projects may not solve the government’s financial problems and there is a risk it will harm the country’s reputation for being a good place to invest, according to the industry itself.
Papua New Guinea introduces supplementary budget to address financial challenges
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14 Sep 2020 by Leave a Comment
With Papua New Guinea’s Mid-year Economic and Fiscal Outlook predicting government debt will rise to 55 per cent of GDP, its government has announced a supplementary budget to address numerous fiscal challenges. There are also moves for the central bank to print money to fund budget shortfalls.
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