Papua New Guinea’s economy has recovered above its pre-pandemic GDP, with high commodity prices and the removal of COVID-19 restrictions accelerating economic growth to 4.5 percent for 2022, the World Bank’s latest Economic Update for Papua New Guinea has found. The World Bank Papua New Guinea Economic Update reports that PNG’s fiscal deficit is estima...

Photo: Mr. Benny Popoitai Minister for International Trade and Investment, Hon Richard Maru today announced the appointment of Mr. Benny Popoitai as the Director to Papua New Guinea National Stock Exchange (PNGX). Mr. Popoitai’s appointment was made pursuant to Section 12 (1) of the Capital Market Act 2015. “It gives me the great honor and privilege...

Photo: Minister for International Trade and Investment, Hon. Richard Maru The Pacific Balance Fund (PBF) and other Unit Trust/Investment Schemes in Papua New Guinea (PNG) must improve to help grow the capital market and support domestic investments, says Minister for International Trade and Investment, Hon. Richard Maru. Minister Maru raised concern...

Photo: Minister for International Trade and Investment, Hon. Richard Maru  The Marape-Rosso Government has directed the Securities Commission of Papua New Guinea (SCPNG) to work with all key stakeholders like Asian Development Bank (ADB), Bank of Papua New Guinea (BPNG), Port Moresby Stock Exchange, and all capital market players to immediately formula...

Member of Parliament for Alotau Ricky Morris has called for the review of the Minimum Wage Law to include workers in the agriculture sector. Mr Morris made this call in a series of questions directed to the deputy Prime Minister and acting Minister for Labour and Industrial relations, John Rosso, in a Parliament Sitting on Thursday 23rd March. He as...

Photo: Acting Governor of Bank of PNG, Mrs. Elizabeth Genia, Acting Assistant Governor, FSSG, Bank of PNG Mr. George Awap, CEFI Executive Director Mr. Garima Tongia and CEFI Financial Inclusion Adviser Mr. Saliya Ranasighe pose for a group photo with CEFI Board Members, Mr. Tony Westaway (2nd from left-front row) and Paulus Laveil (1st from right-front ro...

Minister for International Trade and Investment, Hon. Richard Maru invited the CEOs of provident fund, superannuation fund, sovereign wealth funds, trust funds, and social security administrations from across the Pacific who had gathered in Port Moresby for the 2023 Pacific Islands Investment CEO’s Forum to invest in Papua New Guinea (PNG), especially in ...

On the 10th of March,  Kumul Petroleum Holdings Limited and Fabtech International, a Dubai based Fabrication Facility Operator, signed a management and operations agreement for a Fabrication Facility to be established in Port Moresby, in preparation for the construction phase of the Papua LNG and subsequent LNG and mining projects. Mr Sonk said, “This ...

Photo: Foreign Affairs Minister Justin Tkatchenko In another milestone achievement in Australia-Papua New Guinea relations, visa issues that businesses and individuals face will come to an end as both countries agreed to set up a visa office in Port Moresby with a 14-day processing turnaround period. The Australian visa office in Port Moresby is set...

According to Tom Nou, the Nadzab International Airport is close to completion and is expected to be finished by the end of April this year. Mr. Nou, who is the National Airports Corporation's (NAC) Nadzab Project director, stated that 98% of the project has been completed, and the remaining 2% involves handovers and takeovers. He made these comments durin...

Photo: PM Marape Prime Minister Hon. James Marape says the Independent Commission Against Corruption (ICAC) is now being operationalised after establishment by law in November 2020. He also said the Ombudsman Commision would remain, however, would be subject to review of its roles and responsibilities. PM Marape said this in Parliament on Tuesday...

Photo: PM Marape meeting with the Korean delegation leader Park Byeong-seug, who is representing Korean President H.E. Yoon Suk Yeol. Trade between Republic of Korea and Papua New Guinea was worth US$1.8 billion (K6.33 billion) in 2022, a massive 240 per cent increase from 2021, according to a high-level Korean delegation visiting PNG. The delegatio...

Photo: On January 17th, Ambassador Jacques Fradin met with Hon. Mannaseh Makiba, Minister for Bougainville Affairs, to discuss important matters of mutual interest. Photo credit: European Union in Papua New Guinea European Union (EU) shares the same values of nation building as Bougainville according to Ambassador Jacques Fradin, Head of Delegation to ...

Photo: State Enterprises Minister William Duma State Enterprises Minister William Duma has acknowledged that the state of the economy is a result of global events beyond the government's control. In his words, "We have just come out of a global pandemic, an ongoing war in Europe between Ukraine and Russia, and an increase in the price of oil and gas gl...

Photo: Westpac Bank Senior Economist, Justin Smirk. Credit: Westpac Bank The postponement of the Papua Liquefied Natural Gas (LNG) investment until next year will maintain the lack of foreign exchange as an issue this year, slowing down growth, said Justin Smirk, a senior economist at Westpac Bank. He noted that Papua New Guinea's economy was projected...

Photo: James Marape Prime Minister Hon. James Marape says the Pangu Pati-led Government he leads has “total belief and sees great value” in the provincial government system. PM Marape said this on Monday, March 13, 2023, at the end of the two-day Governors’ Meeting in Port Moresby. “We subscribe to decentralisation – which is deeply entrenched in...