Foreign exchange inflows improving, Moni Plus opens in Lae, and changes to boards of government-owned businesses. Your weekly digest of the latest business news.

The Bank of PNG announced in its 2018 March quarter economic report that the country’s foreign exchange inflows have improved significantly. The BPNG attributed it to improvements in the international commodity prices and the recommencement of production at two major mines and the LNG project following the Highlands earthquake in February.

***

Heduri Moni Limited (Moni Plus) has opened its first provincial branch in Lae, Morobe, and is looking to open other branches in Mt Hagen, Kokopo and Alotau. The plan is to have an office in every province over the next few years. The Lae branch is its first incursion outside of Port Moresby, where it was established in 1998.

***

Sir Kostas Constantinou has been appointed as new chairman of Air Niugini in sweeping changes to boards of government-owned businesses that was announced by Public Enterprises and State Investments Minister William Duma on August 23. Duma also made changes to Kumul Consolidated Holdings Limited, PNG Post, PNG Power and Air Niugini.

***

Dairi Vele, Ron Hartman, Charles Abel, Benny Allan and Fabian Chow at the signing of the agreement. Source: THE NATIONAL

The Government has signed a K82 million (US$25.5 million) loan agreement with the International Fund for Agriculture Development to fund a project focusing on the market for village farmers. The total funding package is K162 million (US$50.2 million) – with the balance to be provided by the Government, financial institutions and others.

***

The Fresh Produce Development Agency has reportedly set a record this year after five years working to bring together, for the first time, three main players supplying fresh produce. FPDA Value chain manager Noel Kuman said the arrangement to bring the market to the farmers in Hagen was a first of its kind.

***

A range of new oil development opportunities have been identified for drilling over the next four years, according to Oil Search Managing Director Peter Botten. The company reported a 2018 first half net profit after tax of $79.2 million, which was 39 per cent lower than the first half of 2017, reflecting the February 26 earthquake. Preparation work to drill the Muruk 2 appraisal well has resumed. Oil Search has also been named the third most generous corporate donors listed on the Australian Stock Exchange, according to Strive Philanthropy in its Giving Large Report. The report found that Oil Search donated 1.26 per cent of its earnings.

***

The APEC Mining Week ended on a high with international industry experts urging other APEC economies to learn from PNG’s mining experience. In his keynote presentation, international mining expert John Strongman congratulated PNG on its world-class mines, and suggested that other APEC economies learn from PNG’s unique development forum which provides a platform for early and ongoing consultation with all stakeholders.

***

Agricultural commodity boards and subsector agencies have been reminded to furnish all their audit reports, statutory plans and annual reports to the minister for agriculture—or face disciplinary actions. The Minister for Agriculture and Livestock Benny Allan said there will be no grace period. ‘I have given them a deadline by the end of this month. By the 31st they should furnish all these reports to my office and I’ll take it to NEC then to parliament,’ he said.

***

Maprik, in East Sepik, plans to process raw agricultural products according to MP John Simon. He said the intention is to sell raw cocoa, coffee and vanilla beans to international markets.

***

PNG’s Foreign Minister Rimbink Pato has congratulated Australia’s new Prime Minister Scott Morrison and expects his government will continue its close relationship with the country.

***

Lands Minister Justin Tkatchenko says properly registered Incorporated Land Groups, or ILGs, are the answer to the country’s land deal problems. Tkatchenko is urging clans or landowner communities to be united before registering as an ILG in order to obtain their customary land title.

***

The Government is aiming to have all citizens registered with its National Identification and Civil Registry Office by 2021. The National Planning Minister, Richard Maru, has said that if public servants are not registered, they will not be paid. According to the World Bank, more than eight million people were living in PNG in 2016.

***

A malaria centre was opened in Port Moresby last week, in partnership with the Chinese Government. The centre will be used for research and training on the topic of the disease. Health Secretary, Pascoe Kase, said the centre is part of China’s commitment to help eradicate malaria in PNG.

***

Photograph of the week

Government ships were on their way to evacuate residents from Manam Island, after its volcano erupted on Saturday. About 7000 people live on the island. Source: Scott Waide