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PNG Business News - September 20, 2021

ICCC Signs MoU for ICT Concerns

The Independent Consumer and Competition Commission and the National Information and Communication Technology Authority have signed a memorandum of understanding to handle customer ICT concerns. According to ICCC Commissioner Paulus Ain, there has always been a missing connection between the ICCC and the NICTA in terms of where the legislation stands in addressing consumer-related concerns in the country's ICT sector. “The three years collaboration with NICTA will provide an enhanced platform to deal with customer complaints and their rights in-regards to Information and Communications Technology services.” According to Ain, the partnership will allow the ICCC and NICTA to share and transfer expertise, resources, and understanding as regulators to address competition and regulatory issues that stymie the ICT sector's development. The MOU reflects NICTA's commitment to forging strategic partnerships with industry leaders, including other government agencies, in the future, according to NICTA CEO Kila Gulo-Vui. “I am confident that the synergies from our mutual cooperation today will enable NICTA and ICCC to respond well to our mandated roles and responsibilities,” he said. He praised Ain and his team for their efforts.   Reference: Kamus, Maxine. Post-Courier (15 September 2021). “ICCC Signs Deal With NICTA To Resolve Continued ICT Issues”. 

Business

PNG Business News - September 20, 2021

PNG Releases New Measures and Restrictions on COVID

David Manning, the Police Commissioner and Controller of PNG's National Pandemic Response, has approved the release of new measures to combat the COVID-19 pandemic. These new measures, which took effect on September 15, 2021, were developed in response to the ongoing threat of COVID-19 while also ensuring continuity and normalcy in all aspects, according to Manning. The national prohibition on the selling of alcoholic beverages on weekends is still in effect. International and local travel, as well as social and commercial interactions, are all undergoing significant changes. The new measures for overseas travel are as follows: New Quarantine Periods - Those who are completely vaccinated must be quarantined for seven days, while those who are just partially vaccinated must be quarantined for fourteen days. Unvaccinated PNG nationals and permanent residents would be quarantined for 21 days. Unvaccinated foreign nationals will not be allowed entrance into PNG. Children under the age of 18 who travel with a parent or guardian will be confined for the same amount of time. Unaccompanied children under the age of 18 will be evaluated and quarantined on a case-by-case basis. Children under the age of five are exempt; Unless an exemption is granted, these additional quarantine durations do not apply to all those who are presently in quarantine. Approvals to enter PNG now have a 60-day validity period rather than the prior 90-day period. Persons travelling to PNG only for the purpose of holidaying, vacationing, or other similar activities will not be granted entry permission. All visitors to Papua New Guinea must obtain a valid COVID-19 test 72 hours before leaving their original port of departure, rather than seven days before arriving in Port Moresby. To be clear, if a person began their journey in the United States of America and flew to Port Moresby through Singapore, they would need to be tested 72 hours before to their aircraft from the United States of America, not the flight departing from Singapore. Children under the age of five are excluded from being tested; All visitors to Papua New Guinea must be tested upon arrival and while in quarantine. This is the duty of the confined person's host facility. The expense may be passed on to the person, but it is the quarantine facility's obligation to organize the tests and report the results to the NCC. If a person refuses to get tested, they will be placed on a 14-day quarantine. There are no restrictions on which medical practitioners are allowed to perform these tests, save that they and their personnel must be legally licensed. All medical testing providers' results will be accepted by the NCC. Individual tracking for quarantine reasons is now limited to house quarantine exclusively. Quarantines in regularly scheduled facilities are not needed to be tracked; and All Charter Flights require the Controller's written permission in addition to the usual approvals. This authority is not delegated. Measure No. 3 "Domestic Metrics" combines domestic travel and social measures. Other domestic restrictions continue to apply, including; If a person has COVID-19 symptoms, they are not allowed to travel, and All passengers must have their temperature checked by airline personnel, and no one may travel if their temperature is 37.5 degrees Celsius or above (except for medivac and emergency flights).   Reference: Salmang, Grace Auka. Post-Courer (15 September 2021). “Conttoller Issues New Measures as COVID-19 Remains A Threat.”

Business

PNG Business News - September 20, 2021

‘Create A Favorable Environment For Investment’

According to PNGX chairman David Lawrence, listing on the PNG Stock Exchange (PNGX) for the benefit of PNG investors should be a requirement for doing business in the nation. After Santos said it had entered into a merger implementation agreement with Oil Search PNG Ltd, Lawrence said that the firms had not stated whether Santos will be listed on the PNGX. “Of immediate impact to PNGX is that the loss of Oil Search will have a significant adverse impact on our ability to further develop the market,” Lawrence said. “Having a presence in the PNG capital market by listing on PNGX for the benefit of PNG investors should be a condition of operating in the country, given the potential significance of the access some of those companies have to PNG’s natural resources. “Whether the takeover proceeds or not is a matter for Oil Search shareholders and the Government. The PNGX does not have a role in those decisions. “Market capitalisation will drop by 30 per cent if Oil Search leaves the PNG market and that would lower the profile of Papua New Guinea among markets internationally. “This will significantly damage PNG’s already fragile emerging domestic savings and investment market at this time would be a pity, as Papua New Guineans are showing an increasing interest in the stock market and investing.” According to Lawrence, there has been no discussion of Santos going public on the PNGX. “Oil Search has been a major contributor to, and a central part of, the PNG capital market since the inception of the PNG stock exchange,” he said. “Obviously we would like to see Santos listed on PNGX to replace Oil Search and to provide Papua New Guineans an easy opportunity to invest in their own Oil and Gas sector.”   Reference: Luma, Dale. The National (14 September 2021). ‘Set conditions for investors’

Business

PNG Business News - September 20, 2021

ICCC Denies Kina’s Purchase

Kina Securities Ltd's attempt to purchase Westpac PNG Ltd was denied by the Independent Consumer and Competition Commission (ICCC) (Westpac). After going through the ICCC Act's procedures, ICCC commissioner and chief executive officer Paulus Ain verified this. On March 17, Kina Securities submitted an application to purchase 89.91 per cent of Westpac. “The outcomes and the findings were based on financial information provided and gathered by the ICCC,” he said. “The ICCC has now made the final determination to decline the authorisation sought by Kina Bank.” Despite Kina Securities' proposal to run Westpac as a distinct bank, he said the ICCC was not convinced there would be two independent banks because of a similar ownership structure. Other justifications include: Markets are now extremely concentrated and will continue to be so as long as there are few participants in the market. With the transaction, the number of commercial banks will be decreased to two. The planned purchase would raise the hurdles to entrance and expansion even higher, since the number of banks would be decreased, giving the two current incumbents more market dominance. “The ICCC is concerned that the proposed acquisition is likely to result in prices and profit margins increase,” he said. “Although Westpac has decided to divest its PNG business, it appeared that this would not immediately happen without the proposed acquisition proceeding. “Hence the ICCC considered that Westpac PNG would not be a significant source of competition for at least several years.” Kina Securities and Westpac were contacted for comment but did not respond.   Reference: Mauludu, Shirley. The National (14 September 2021). “ICCC Rejects Kina’s Bid”. 

Business

PNG Business News - September 20, 2021

Internet Rates to Decrease by 50%

Retail internet rates would be decreased by around 50% by the end of next year, according to Dataco PNG Ltd chief executive officer Paul Komboi. Wholesale prices had already been slashed by nearly 40%, he said at an investment conference. However, due to market competition, it was not cut at the retail level. “I hope in 2022, we will see at least a 50 per cent reduction in the retail price, and I can guarantee you that,” Komboi said. “I think the market will move very fast and it will be very aggressive. “Vodafone is coming in at the end of this year and one of the challenges we see is that a drop in the wholesale price is not being passed to the end-user. “Either the market will force that to happen or we will see the regulator stepping in. “We know that Telstar is also coming on board if everything goes well after their final assessment and due diligence. They will also create different dynamics in the marketplace to continue to put pressure on reducing the price of services offered to the people.” Because of the retail market's rivalry, the reduction was not felt by end-users, according to Komboi. “But there is an uptake by the usage of mobile phones by other carriers that are out there now,” Komboi said. “It means that there is competition in the marketplace. “Once Vodafone comes in, that will add on to that competition and continue a reduction in pricing. “That’s when customers will win.”   Reference: The National (11 September 2021). “Internet price to drop by 50pc’”.

Business

PNG Business News - September 20, 2021

Motukea International Port to be Renovated

According to PNG Ports Corporation chairman Kepas Wali, the Motukea international port facility west of Port Moresby will undergo a multi-million kina makeover next month. It is estimated that the repair and reconstruction work will take ten months and cost K56 million. “The pavement covering the Motukea international terminal surface has deteriorated to a stage where it requires immediate remedial works to prevent further impact on traffic operations, and health, safety and environment issues,” Wali said. The PNG Ports Corporation and Hebou Construction in Port Moresby have inked a deal. Wali stated that they wished for the project to be completed on schedule. “We trust that Hebou, given its proven record of quality and sustained performance over the decades, will provide quality construction on time and budget,” he said. After the terminal was repaired, he said PNG Ports aimed to improve service at the facility. Wali claimed that the investment at Motukea has yielded economic benefits such as shorter supply chain turnaround times, reduced waiting times, and increased cargo volumes passing through. “Motukea receives at least 19 international vessels, accommodates cargo revenue tonnages of approximately 106,700, and 5,220 containers passing through,” he said. The K300 million port, which replaced the Port Moresby port, was finished in 2018.   Reference: The National (10 September 2021). “Port will undergo renovation, says official”.

Business

PNG Business News - September 20, 2021

Stock Market to be Affected by Merger

Market capitalisation will drop by 30 per cent if Oil Search leaves the PNG Stock Exchange (PNGX) due to a possible Santos merger, says PNGX chairman David Lawrence. The PNG stock market is currently valued at K120 billion, according to the PNG Securities Commission, with 13 businesses listed. According to Lawrence, Oil Search is an important component of the PNG market, and PNGX is hopeful that Santos will join if the deal goes through. He also stated that the existing 5,000 Oil Search investors in PNG will have continued access to the market. “That change increases the visibility of the Papua New Guinea market internationally which further serves to attract international investment,” Lawrence said. “We are hoping and believe the PNG Government is also working towards Santos’ listing in Papua New Guinea.” The proposed transaction is valued at AU$21 million (about K53 billion). Shareholders of Oil Search will own 38.5 per cent of the company, while Santos would possess 61.5 per cent. PNG's Commerce and Industry Minister, Sam Basil, warned the merger will have economic consequences for the country. “The planned merger between Oil Search and Santos can bite both ways,” Basil said. “Oil Search is a PNG company publicly listed in the PNG National Stock Exchange first, and in the Australian stock exchange while Santos is not listed in Papua New Guinea,” he said. “From our perspective, this is an outbound transaction. “At the conclusion of this merger process, Oil Search ceases to exist. “If the arrangement succeeds, shareholders will become shareholders of an Australian company which has no presence in the PNG capital market. “The merged entity, which will be a foreign company, will be the biggest partner in the PNG LNG project with a more than 42.5 per cent stake.”   Reference: Luma, Dale. The National (10 September 2021). “Merger To Affect Stock Market”.

Business

PNG Business News - September 15, 2021

STAKEHOLDERS VIEWS CRITICAL FOR BETTER RESOURCE GOVERNANCE: ALKAN

Head of the PNGEITI Mr Lucas Alkan last week in Wabag at the opening of the consultation. The Head of the PNG Extractive Industries Transparency Initiative (EITI) Mr. Lucas Alkan has issued a strong challenge to stakeholders in the extractive industries to embrace and promote the work of EITI in Papua New Guinea to derive best value from the industry. Mr. Alkan spoke of this last week in Wabag when he opened the upper highlands regional consultation on a proposed law to transition the PNGEITI into a statutory authority.  “PNG EITI is a government driven initiative to promote transparency and accountability in the PNG mining and petroleum space which has been driving the PNG economy for a sustained period of time. “But there is this misconception about proceeds from mining and petroleum activities not being translated well into development on the ground and this sentiment is shared by many at both the provincial and national level. “What PNGEITI is doing is to shed light on the leakages on revenues and proceeds from the mining and petroleum activities with the ultimate aim of improving governance in the mining and petroleum sectors using international best practice standards to see the desired development outcome from this important sector. “Seven years into PNGEITI implementation in PNG, we’ve now seen the need to make the PNGEITI administrative body, the PNGEITI into a statutory body to see more improvement in the EITI reports to enhance good governance in the sector to derive the best development outcome.   “We’ve covered two regions; the New Guinea Islands and Momase regions and we are now conducting consultations in Enga and Eastern Highalnds to cover the big highlands region. “I encourage the best knowledge and views from all stakeholders from the stakeholders in these consultations so that we give birth to a law that truly reflects the genuine views of all stakeholders for better development outcomes. A State Technical working group comprising the Department of Petroleum, State Solicitor, Internal Revenue Commission, Department of Personnel Management, Department of Treasury, the National Economic Fiscal Commission and Department of Finance were in the Enga capital, Wabag for a four days consultation for the Upper Highlands region” “PNGEITI has been in operations since 2014 effected by a NEC decision and now we are moving into the next step in anchoring this extractive industry reporting process into PNG’s legal and administrative system. PNGEITI published 7 reports detailing activities taking placing inn the PNG mining and petroleum space,” Mr. Alkan said.   Article Courtesy of PNG Extractive Industries Transparency Initiative

Business

PNG Business News - September 13, 2021

High Taxes Have A Negative Impact on Savings

According to Nambawan Super Ltd, the 6% of wages that people must put to superannuation after income tax is too excessive. Chief Executive Officer Paul Sayer said the majority of members will pay at least 22% income tax on their employee contributions. He claimed it was unjust since some members would pay up to 42 per cent of their gross revenue in taxes before making the 6% employee contribution. “Note that this tax is paid before the contribution is made to super,” Sayer said. “Furthermore, the Internal Revenue Commission has taken steps to prevent members from simply salary sacrificing before-tax income into super, despite many organisations facilitating salary sacrifice for many other costs, like education and subscriptions, and it being legal for employers to pay up to 15 per cent super for employees before tax. “This ruling is forcing members to negotiate new contracts, which makes it very hard for everyday Papua New Guineans to put a good savings practice in place for their future. “Nambawan Super would like to see salary sacrifice available to all members to top up their employer contribution from 8.4 per cent up to as high as 15 per cent of their base salary. “Nambawan Super would like to see earnings taxed less, as this will mean better returns for members, who typically are investing into PNG businesses who already have paid tax on their earnings before the Fund pays taxes on those earnings within the Fund. “Through the Bank of PNG superannuation review, Nambawan Super will look to provide feedback on tax at all points for Fund members.”   Reference: Dale, Luma. The National (p Septeber 2021). “High taxes affecting savings”. 

Business

PNG Business News - September 13, 2021

Digicel And Telstra ‘Discussing' Acquisition

Photo Credit: The Australian -  Telstra CEO Andy Penn According to a source, Australia's Telstra CEO Andy Penn visited the nation last month to negotiate the possible acquisition of Digicel Pacific. According to the Australian Financial Review, Penn visited PNG to discuss the prospective purchase of Digicel Pacific with the country's political authorities. Timothy Masiu, the Minister of Information and Communication, acknowledged Penn's visit but declined to say why. “We will prepare a statement when the time is right,” he said. Penn's three-day visit, according to the report, indicated that Telstra had "ramped up its due diligence" in order to "possibly work with the Australian government to acquire Digicel and help the government's goal of preventing the Pacific telco from slipping into Chinese hands." According to individuals acquainted with the trip, he visited Prime Minister James Marape, Masiu, Australia's High Commissioner to PNG Jon Philp, and officials of Denis O'Brien, the Irish millionaire who owns Digicel. In PNG, Fiji, Tonga, Vanuatu, Samoa, and Nauru, Digicel is the major owner and operator of 3G and 4G mobile phone networks. The Australian government is willing to provide substantial loan financing to Telstra in exchange for an equity share in Digicel Pacific that would be a tiny part of the overall deal. According to sources involved with the talks, a deal for Telstra to buy Digicel for around AU$2 billion (K5.11 billion) – including government debt – is likely to be completed before the end of the year. When asked about Penn's journey to PNG, a Telstra spokesman indicated that the Digicel talks are "incomplete" and "it is not certain a transaction would proceed." “Given the nature of these discussions, we are not able to say more at this stage other than any transaction will have to meet certain financial parameters,” the spokesman said. “These include Telstra’s financial investment being the minor economic portion of the overall transaction, with all other capital being resourced on a non-recourse basis. Telstra would own Digicel with appropriate risk protections and consolidate it in our financial results. “Digicel Pacific is a commercially attractive asset, enjoying a strong market position in South Pacific.”   Reference: The National (9 September 2021). “Telstra ‘discussing’ with Digicel”.

Business

PNG Business News - September 13, 2021

Government Improves Economic Management

The government has improved its economic management to ensure that billions in concessional discoveries are brought into the country to help alleviate the country's currency problems. In a recent speech to Parliament, Treasurer Ian Ling-Stuckey stated. that the government is now attempting to assist businesses in creating a favourable climate. “Businesses have stated that their greatest barrier is a lack of foreign exchange. We are implementing short and longer-term actions, to deal with this issue. “Our better economic management, means we have been able to attract billions, in extremely concessional funding, which has massively lifted our allowed a major clearance of outstanding, foreign exchange orders in the June quarter,” he said. The Treasurer stated that one of the key reasons for the reform of the Central Banking Act is the issue of Forex. “We are supporting new areas of growth, through our economic philosophy focused on the agriculture, fishing, forestry and other non-resource sectors. In agriculture, there are practical actions, such as the K111million to local agriculture activities under the COVID-19 response. “We are working, at reinvigorating commodity boards, supporting the Livestock Development Corporation to grow our cattle industry, including to feed into Ox and Palm production, and supporting the kokonas industry, to shift into white copra and downstream processing of pure coconut oil,” he said. “We are also being innovative and looking at new growth opportunities. This includes strong support for labour mobility programs, which could easily generate more domestic income and net export receipts, than even the PNG LNG project.”   Reference: Post-Courier (9 September 2021). “Govt Aims For Smarter Business Environment”.

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PNG Business News - September 13, 2021

Economist: Earn More Forex Through Exports

An economist claimed that earning more foreign cash through exports than imports is a simple strategy to ensure adequate foreign exchange. This was said by Corinna Economic Advisory economist Saul Eslake recently. Agriculture, he noted, was PNG's export strength. “PNG authorities need to manage the economy carefully that is through a monitoring policy on the part of BPNG (Bank of Papua New Guinea) and fiscal policy on the part of the Government,” Eslake said. He said the country should concentrate on its assets in agriculture and the extractive industry, while also investing in human resources to enhance those sectors and focus on surrounding markets. Eslake believed that a mix of long-term strategies that promote the export industry, as well as cautious macroeconomic management, is required to ensure that domestic and import demand are proportional to export income, allowing the country to build up its foreign exchange reserves. He stated that the economy should be carefully developed and that the exchange rate should not be managed rigidly. “Countries that seek to run a fixed exchange rate often find themselves in trouble and having to ration excess foreign exchange where they allow the exchange rate to be misaligned with the country’s underlying fundamentals,” Eslake said.   Reference: The National (8 September 2021). “‘Earn more forex through exports’”

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PNG Business News - September 13, 2021

Australia Wishes to Help PNG Government: Saselija

The Minister for International Development and the Pacific, Zed Saselja, stated that Australia wishes to assist the PNG government in addressing its budgetary and economic issues. During a press conference, Saselja stated that Australia has provided US$400 million (K1.3 billion) in loans to PNG's budget priorities over the previous two years. “This is on top of substantial development assistance provided through our bilateral programme,” Saselja said. “We are working to support PNG’s aspirations to lay the foundation for future growth. “PNG faces a significant challenge in providing employment and prosperity for its young and rapidly growing population. “We have heard PNG’s call for quality infrastructure to support development. “There is now a pipeline of projects under the AU$2 billion (about K5 billion) Australian infrastructure financing facility for the Pacific. “These will include investments in electricity, roads and ports.” The Coronavirus (Covid-19) pandemic, he noted, posed a difficulty for cross-border businesses. “We have worked with Air Niugini to ensure that commercial flights to Australia never stopped. We have also assisted the PNG government to introduce pre-departure Covid-19 testing at Jackson international airport. “We also worked closely with businesses to support travel exemptions arrangement for workers in the resources sector.” Travel restrictions from Australia to PNG were restored to global settings on August 11, while Covid-19 limitations remain in place.   Reference: The National (8 September 2021). “Aust open to help PNG: Minister”.

Business

PNG Business News - September 09, 2021

Sovereign Wealth Fund important as government savings for PNG’s economic future

The Papua New Guinea Chamber of Mines and Petroleum is encouraged by Prime Minister James Marape’s recent announcement of a clear policy on the payment of dividends from resource projects through to a Sovereign Wealth Fund (SWF). Prime Minister Marape made the announcement upon receiving a K100 million dividend payment from Kumul Petroleum Holdings Ltd (KPHL) on August 18. President of the PNG Chamber of Mines and Petroleum, Anthony Smaré, said this was a good sign of the government’s commitment to ensuring economic returns from resource sector projects are rightfully accounted for, and properly invested and managed for the long term. “The resource sector contributes approximately 28 percent annually to the PNG economy. While this has a massive indirect multiplier effect in the form of employment, crucial infrastructure and education and health support. There is still a misinformed opinion as to how the real economic returns of the sector are being recorded, and correctly valued. “The establishment of a sovereign wealth fund with strong and transparent management processes will ensure that these direct economic returns from our resources are adequately captured and managed for the long term, and be used for development, right down to people in our districts and communities,” Mr. Smaré said.   Mr Smaré, the former long-serving Chairman of Nambawan Super, said from his experience  “The growth of the country’s superfunds like Nambawan Super and Nasfund from mere hundreds of millions, to over K15 billion in 20 years for the benefit of millions of superfund members and their families, demonstrates the value of putting away money for the long term to support you in times of need, and the country can do this for itself by saving and investing a significant portion of its resource revenues in the SWF for the future.   “The legislation for an SWF has been existence for over a decade, but the political will has previously been lacking.  However, the Prime Minister’s commitment is a very important step in the right direction and this important statement by Prime Minister Marape should be recognized and applauded.” He acknowledged Prime Minister Marape’s observations that the establishment of a Sovereign Wealth Fund has been effected in law, but this is the first time a government has shown its determination to have the SWF set up to ensure a saving’s culture for the government, through its resources revenue. “The resource sector has always been a willing party in the setting up of a Sovereign Wealth Fund for the country. And I am sure the resource sector, as well as the entire business community, will work closely with government to ensure this is achieved in a timely and proactive manner,” Mr. Smaré said.   Article Courtesy of the PNG Chamber of Mines and Petroleum 

Business

PNG Business News - September 09, 2021

PM MARAPE OUTLINES MAJOR RESOURCE PROJECTS OF HIS GOVERNMENT

Prime Minister Hon. James Marape has outlined the six major resource projects his Government is focused on. They are the Papua LNG Project, New Porgera Mine, Wafi-Golpu Mine, P’nyang LNG, Pasca LNG and Pandora LNG. PM Marape announced this today when responding to the Ministerial Statement by Treasurer Hon. Ian Ling-Stuckey on the ‘2020 Final Budget Outcomes (FBO) and 2021 Mid-Year Fiscal and Economic Outlook (MYEFO) and the Way Forward’. He said this was more than the previous O’Neill regime which had only the Papua LNG Project to its name. “Mr O’Neill, in eight years, delivered only the Papua LNG Project,” PM Marape said. “We are working very hard, and in just two years, we are discussing Papua to ensure that it takes off, Wafi-Golpu, New Porgera, Pandora, Pasca and P’nyang. “These big five projects apart from Papua LNG project, remain our focus, but more importantly in the medium term going forward to ensure our economy is strong.” PM Marape said the difference between his Government and O’Neill’s was that his Government was for a better deal for Papua New Guinea on all these projects. He said the Papua LNG Project was not one that was supposed to have begun right away as the Opposition was claiming. “The Papua LNG Project was not supposed to have been constructed in 2019 or 2020,” PM Marape said. “It would have to go into pre-FEED (front end engineering and design), then FEED, and then FID (final investment decision). “They (Opposition) are making it (Papua LNG Project) as if it was going to be a miracle that would have brought money into the country in 2019 or 2020.” PM Marape said the Papua LNG Project was going into FEED in 2022, an FID by 2023, and construction to start in 2024 or 2025. “I appreciate what the Petroleum Minister, Hon. Kerenga Kua, is doing now by trying to squeeze a little more in the area of local content, so that we get a bit more on top of what was already signed,” he said. “I thank the former government, which left our gain at 51 per cent.” PM Marape said his Government was pushing for more than 50 per cent stake in P’nyang, Pasca, Pandora and any other new LNG projects. He said this was the same at mining projects. “We’re trying to push for a gain at Wafi-Golpu and Porgera with a return of above 55 per cent,” PM Marape said. “We will not come below 52 per cent.” The Prime Minister said at Porgera, his Government had settled for 53 per cent over the long term, with the first five years being 65 per cent. “This is what we are doing, making the hard decisions,” he said. “We have to make these tough calls to ensure that we anchor our economy correctly, not just for today but for the next generation. “The more we collect today contributes to a better Budget three, four, five, six years down the line.”

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