New World Bank report predicts 5 per cent GDP growth for Papua New Guinea in 2019, consumer protection in financial services, and Bloomberg puts a value on Panguna mine. Your weekly digest of the latest business news.

The World Bank has released the ‘Papua New Guinea Economic Update: Slower Growth, Better Prospects‘. The report gives an in-depth analysis of PNG’s economy and focuses on how PNG’s private sector development can generate more jobs. ‘Real GDP growth is forecast to rebound to about five percent in 2019, primarily driven by a return to full annual production in the extractives sector,’ the report predicts.

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Bank of PNG Assistant Governor Ellison Pidik has reportedly said that ‘the Bank of Papua New Guinea, in collaboration with other development partners such as the International Finance Corporation (IFC), is going to introduce a financial consumer protection regulatory framework that will address many key issues relating to consumer protection and empowerment.’ PNG’s central bank is addressing the lack of regulation and supervision to moneylenders in a ‘systematic manner’. (The National)

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Bloomberg has put a number on the value of the Panguna mine in Bougainville in a story about changes to Bougainville’s Mining Act: ‘The Panguna mine has an estimated 5.3 million metric tons of copper and 19.3 million ounces of gold, according to BCL, worth about $58 billion at today’s prices,’ according to Bloomberg calculations.’  (Bloomberg)

The Government is aiming to phase out the export of unprocessed round logs starting next year and intends to expand domestic processing of logs to get more revenue, according to the Minister for Forestry, Douglas Tomuriesa. (The National)

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As part of the Department of Finance’s modernisation program, a new cash office has opened in Port Moresby. The modernisation program will seek to improve the relationship of the Department with its clients. Finance Minister James Marape said the aim is to have ‘a good interface’ with clients and to reduce queues. (Loop PNG)

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Ian Tarutia, NASFUND’s Chief Executive and Chairman of the Association of Superannuation Funds of Papua New Guinea, believes the time is right for a review of the legislation governing the superannuation industry. (The Post-Courier)

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The Enga Provincial government and AG Energy Enga Ltd have signed an agreement for a hydropower project that is expected to be operating in 2021. (The National) 

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The construction of a new 132kV transmission line that will connect three Highlands provinces (Hela, Southern Highlands and Western Highlands) is set to begin after landowners and PNG Power signed two agreements last week to construct substations in Mendi and Tari. (The Post-Courier)

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The Asian Development Bank and France’s Agence Française de Développement have reportedly agreed to increase their co-financing from US$3 billion to US$5 billion in the next three years to expand their joint development efforts in the Asia and Pacific region. (Asian Development Bank)

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The Australian Government is planning to invest in projects across the Pacific regions to ‘counter China’s largesse’. Australia’s Assistant Minister for International Development and the Pacific, Anne Ruston, travelled to Papua New Guinea last week. In an interview, she said: ‘Australia possibly has not been as active in the Pacific over the last number of years as we might have been. And so the government that I’m a member of … has made a very strong commitment. I think it’s very very important that both Australia and New Zealand spend time in the Pacific building strength and resilience into every economy because unless we do, we do compromise the security of our whole region.’ (RNZ) 

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The Papua New Guinea-Philippines rice deal has the aim of increasing rice production in PNG with help of Filipino experts. ‘The PNG government is hoping that Filipino expertise and optimism will work where others have failed. The deal also promises to turn PNG into a rice-exporter, in turn bringing in much needed foreign exchange.’ (Devpolicy Blog)

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Six members of the Asian Development Bank‘s board of directors have arrived in PNG. It’s been reported that they will meet Prime Minister Peter O’Neill, Deputy Prime Minister Charles Abel and other senior Government officials to talk about their work in the country. (The National)

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Transparency International Papua New Guinea (TIPNG) reportedly said that it ‘shares’ the National Planning Minister, Richard Maru’s concerns about the National Identity (NID) project. He has reportedly been calling for ‘explanations of the loss, or possible misuse, of at least K24 million’ and is making efforts to hold those responsible accountable. (LOOP)

Bank South Pacific‘s Cambodia venture appears to be bearing fruit. CEO Robin Fleming reportedly said that, since the acquisition of 50 per cent of BSP Finance Cambodia, its loan portfolio has doubled, with net profit after tax increasing by 300 per cent. (The Post-Courier)

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Although there is no set date for the vote, Papua New Guinea’s Prime Minister Peter O’Neill has re-affirmed his government’s commitment to the Bougainville independence referendum. (RadioNZ)

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Photograph of the week

Credit: Air Niugini

Air Niugini’s father-son duo smile proudly during their first commercial flight together. First Officer (FO) Christian Yates Round and Captain Mark Yates operated PX 208 on a Fokker 70 aircraft from Port Moresby to Lae, then Hoskins, Rabaul and back to Port Moresby. ‘Today was a culmination of my flying career, an amazing experience and a proud moment for me to have my son and I flying a commercial flight together, it’s something we will never forget,’ said FO Yates.