In his latest Monetary Policy Statement, the Governor of the Bank of Papua New Guinea, Loi Bakani, forecasts GDP will decline by four per cent in 2020 but rebound slightly next year. He also expressed concerns about changes to the Central Banking Act.
The Business Council of Papua New Guinea has present its latest macroeconomic outlook, which outlines the risks faced by PNG’s economy and what business needs to recover from the COVID-19 downturn.
The Bank of Papua New Guinea in its latest Monetary Policy Statement is predicting that the Papua New Guinea economy will not go into recession this year and there will be a strong recovery next year. But it says that the COVID-19 pandemic has badly affected many of the key sectors in the economy.
Porgera mine output is removed from Barrick’s full year guidance, Westpac announces new division for Westpac Pacific and Australia and New Zealand agree on a ‘trans-Tasman COVID-safe’ travel zone. The business news you need to kick-start your week.
The government’s COVID-19 bond was oversubscribed after the first week, according to Treasurer Ian Ling-Stuckey. He said over K1 billion was raised and that the money will help protect Papua New Guineans from the worst effects of the coronavirus pandemic.
Three academics, Dek Joe Sum, Maholopa Laveil and Stephen Howes, analyse Papua New Guinea’s monetary easing measures in response to COVID-19.
Central Bank Governor, Loi Bakani, says Papua New Guinea is facing economic and financial challenges due to the outbreak of COVID-19. He speaks exclusively to Business Advantage PNG about how the Bank of PNG is responding.
As a thinly traded currency, the kina has been protected from some of the volatility affecting world markets in the wake of COVID-19, but that presents its own set of problems.
In a wide-ranging chat with Business Advantage PNG, the Managing Director of Papua New Guinea’s state-owned National Development Bank, Moses Liu, talks about becoming an emerging force in Papua New Guinea’s banking sector.
The year 2020 looks like being a watershed year for Papua New Guinea, with a number of transformative projects awaiting the green light and a new government seeking to implement an ambitious agenda.