ANZ releases a positive economic outlook for Papua New Guinea, James Marape resigns as Finance Minister and the Boluminski Highway in New Ireland province is open. Your weekly digest of business news.

ANZ’s Economic Outlook for April has been released. The study is optimistic and suggests PNG’s growth is set to bounce back in 2019 and continue its growth momentum into 2020. According to the outlook, the oil and gas sector will drive the rebound. (Post Courier)

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The National Statistics Office has released its 2009–2016 Gross Domestic Product (GDP) figures. ‘Production of timely and quality statistics to meet the ever increasing demand for statistical information is always challenging to Statistical Offices around the world and PNG NSO is no exception,’ said Juliana Komun-Kubak, Acting National Statistician. She also said that the 2017 GDP figures would be released in September. (The National)

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Kevin Isifu, Minister for Inter-Government Relations, has launched PNG’s National Disaster Risk Reduction Framework 2017- 2030. The framework is closely aligned to the Sendai Framework for Disaster Risk and its aim is to reduce disaster risk over the next 14 years.

‘The Framework is an important milestone for PNG in building disaster resilient communities in our country. However, we need to keep up our efforts in implementing this framework at the national, sub-national and most importantly at the community level,’ said Martin Mose, Acting Director of the National Disaster Centre (NDC) during the launch event. (Reliefweb)

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The Boluminski Highway has been opened. The Highway is an important economic corridor for New Ireland Province and the communities living along it. This is the first time that the road has been completely sealed. During the opening ceremony, Bruce Davis, Australian High Commissioner in PNG said: ‘Not only does infrastructure play a critical role in driving economic growth, it plays a key role in lifting the quality of life of the local population’. (LOOP PNG)

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Last week, James Marape resigned as Finance Minister. Marape is the first senior cabinet minister in the government of Prime Minister Peter O’Neill to resign from office. It’s been reported that during his address to the Finance Department, Marape said ‘the level of trust between him and the Prime Minister was at its lowest’. Marape reportedly said: ‘Nothing personal, the country is bigger than me… there are other equally qualified Members of Parliament who can fit in this position as Minister of Finance.’ (Post Courier)

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It has been reported that the US cable company SubCom will lay an undersea internet cable that will connect Papua New Guinea with Australia and Hong Kong. Singapore’s H2 Cable has commissioned SubCom to build the cable. The US$380 million line is scheduled to be completed in 2022. (Radio NZ)

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Water PNG has launched a debt recovery program in Lae, where the outstanding total debt is K21 million. Nine hundred and seventy one letters of demand have been issued to customers in Lae warning them that if they don’t pay Water PNG will take them to court.

‘When you get the demand letter and you come to us, you will only pay the owing water bills and reconnection fee or you pay your bills and get reconnected, but if you wait to get a summons and you go to court, then you are going to pay more,’ Water PNG’s Compliance and licensing manager Jack Loma said. The company launched a similar program in East New Britain earlier this year and is planning to launch one in Madang. (Post Courier)

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Bank South Pacific (BSP) has partnered with Sola PayGo, a company that specialises in pay-as-you-go solar solutions. BSP customers can buy a solar power kit and pay for it over a determined period by purchasing tokens via BPS’s Mobile Banking Top Up Service. The solar system can provide seven 7 days of power for a minimum payment of K12. (LOOP PNG)

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The Asian Development Bank is predicting that PNG’s economy could grow by 3.7 per cent in 2019. The positive forecast considers the effect of the proposed PNG LNG project, the construction of the proposed Wafi-Golpu gold and copper mine project and the Cable Sea System, which will connect Port Moresby to Sydney. (Radio NZ)

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Minister for National Planning, Richard Maru, travelled to New Delhi, India, to visit the National Small Industries Corporation (NSIC). The Minister is reportedly seeking support from to set up a Small to Medium Business Incubation Training Centre in Port Moresby. (EMTV)

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The Independent Consumer and Competition Commission (ICCC) has given clearance for Kumul Consolidated Holding Limited (KCHL) to transfer its shares in Bemobili Limited to Kumul Telikom Holdings Limited. (Post Courier)

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A micro-life insurance scheme has been launched in Port Moresby. Life Insurance Corporation PNG Limited and the United Church are behind this schemed, which aims to attract 5000 members in Port Moresby and Hela. (The National)

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Coffee beans. Credit: James Kubina

And finally, in other more lighthearted news, Switzerland is planning to put an end to the country’s emergency stockpile of coffee beans. The emergency stockpile started after World War II, when the country opted to set aside grains, beans, oil and other products in case of a war, natural disaster or other emergencies.

Switzerland is one of the top 10 consumers of coffee in the world, and the news are certainly brewing a storm. A final decision will be made in November.

Contrary to other products in the stockpile list, coffee has almost no nutritional value, which is why it may be delisted.