COVID-19 test are no longer necessary for inbound passengers into Papua New Guinea, local company gets K62 million contract to project manage infrastructure projects and a coffee producer partners with the Australia’s Market Development Facility to establish a ‘revolving fund’. The news you need today.

JBS Consulting signs agreement. Credit: Post-Courier

Infrastructure

Locally-owned construction company JBS Consulting Services has been awarded a K62 million contract to manage and supervise infrastructure maintenance and construction work in Mamose, Southern and New Guinea Islands. The infrastructure projects are funded by the Transport Sector Support Programme phase 2, which is funded by the Australian government. (The National)

Travel

Air Niugini has announced that COVID-19 test for passengers arriving into PNG are no longer required. The airline said in a statement: ‘PNG Pandemic Controller and Police Commissioner David Manning issued the latest Pandemic Order No.2 today [5 August], which removes all requirements for COVID-19 tests on arrival in the country.’ (Air Niugini)

National

The General Manager of the Independent Consumer Competition Commission, Brian Ivosa, said that the National Statistical Office reported a 6.9 per cent headline inflation rate in March this year. This has been the highest since the 7.2 per cent headline inflation rate in the fourth quarter of 2010. The high levels of inflation in the country, he said, are driven by imports. ‘PNG is an import dependent nation and we import these high prices from the high international prices for fuel, food products and other raw materials that are used to finish products in the country,’ Ivosa explained. (Post-Courier)

***

After a recent meeting in Vietnam, the APEC Business Advisory Council (ABAC, of which PNG is a member) agreed on a recommendation to try to speed up the region’s economic recovery despite the challenging landscape of a pandemic, the invasion of Ukraine, inflation and supply chain disruptions.

The Chairman of the Federation of Thai Industries and ABAC Chair, Kriengkrai Thiennukul, said: ‘We urge APEC to foster an enabling environment for recovery and growth both through enhances support for MSMEs, particularly women-owned and indigenous businesses and the adoption of foundational digital infrastructure.’ (Post-Courier)

Agribusiness

Local coffee exported Kosem Coffee is set to receive support from Australia’s Market Development Facility (MDF) to establish a ‘revolving fund’, a cash credit system that will allow the coffee exporter to buy more coffee from smallholder farmers in Jiwaka and Western Highlands provinces. Through this new partnership, the MDF ‘will provide a stable income to the smallholders and enable Kosem to export high-quality coffee, which is currently in high demand in the global market,’ said the MDF. (Post-Courier)

Mining

The nickel and cobalt project Mambare Nickel in Northern Province is under critical assessment by the Mining Advisory Council. If granted the license it will direct ore shipments overseas for processing. (Post-Courier)

***

Australian miner Tempest Minerals has told the Australian Securities Exchange it has entered into a conditional agreement to acquire PNG’s Lole Mining for more than A$25 million (K61 million). Lole Mining has the mining lease over the Tolukuma gold mine. (West Australian)

Finance

Nambawan Super Ltd Chief Executive Officer Paul Sayer says the fund is warning members to expect a lower return in 2022.

‘Historically, fixed interest investments such as Treasury Bills and Government Inscribed Stock have provided returns in line with the long-term average return of the Fund,’ he told The National. ‘However, in 2022, there has also been a reduction in return offered from these investments.’ (The National)

***

BSP Financial Group has announced changes to some of its variable rate lending products effective 1 September. From next month, the Indicator Lending Rate will change from 10.10 per cent to 10.35 per cent and the Business Asset Loan Rate will increase from 11.50 per cent to 11.75 per cent. (BSP Financial Group)