This week’s 2024 Business Advantage PNG Investment conference saw top speakers from across the business sector and government come together, including Prime Minister James Marape, Kumul Petroleum Holdings MD Wapu Sonk, Air Niugini CEO Gary Seddon, PNG Ports Corporation CEO Neil Papenfus, Bank of PNG Chairman David Toua, and the country head of the IMF, Sohrab Rafiq.

This slideshow requires JavaScript.

The Papua New Guinea government is “not detached or divorced from business,” Prime Minister James Marape said in a speech delivered via live video call to the conference.

In his speech, Marape said PNG was “still rebounding” from the impact of Covid-19, and that it had applied fiscal policy “to ensure the economy remains on track for growth.”

***

For the full Day 1 report, click here.

For the full Day 2 report, click here.

***

Air Niugini Chief Executive Gary Seddon noted that the airline’s domestic schedule had been subjected to what he called “substantial” fuel rationing.

“Air Niugini has had to contend with an almost insurmountable jet fuel supply issue in PNG,” Seddon told the conference.

“Aside from the increased cost of fuel, we have had to overcome the challenges associated with the supply chain,” he said.

***

Bank of Papua New Guinea Chairman David Toua, reflecting on the previous year, said the bank has introduced measures to remove liquidity from the market and make monetary policy “a more effective tool” for stabilising prices.

“We acted to tighten liquidity in two steps, namely, two increases in what is for now, our most effective instrument, the cash reserve requirement. That has resulted in the return of our government T bill rates to those seen prior to Covid. In time, we expect to see term deposit rates increase to more normal levels, with more competition helping to put forward pressure on rates.”