Falling export earnings have impacted the external sector of Papua New Guinea. But surging gold prices and import compression contained the damage. According to the World Bank PNG’s economic update titled “Dealing with a triple crisis”, the current account surplus broadened in the first half of 2020, which increased by 14 per cent. This was supported by a...
There will be confidence in the PNG economy in 2021.According to Bank South Pacific Group Chief Executive Officer Robin Fleming, this was attributed to the resource sector with several major projects in the pipeline - such as the Fiscal Stability Agreement signed between the Government and Total and Joint Venture Partners of the Papua LNG Project. This al...
The Morobe government has recently passed its budget worth K662,675,000.Morobe Governor and finance chairman Ginson Saonu said that this budget is for developmental and rural growth, adding that the budget had K204,026,700 from internal revenue and K458,648,300 from the national grants.“The 2021 internal revenue total estimate is increased by 10 per cent,...
In order to achieve full radio, television and internet coverage, the Ministry of Information and Communication Technology plans to help the Autonomous Bougainville Government through improved tower infrastructure and fibre connectivity. In a statement, ICT Minister Timothy Masiu plans to seek cabinet approval to roll out these programs. He said that his ...
The Internal Revenue Commission has signed a Memorandum of Understanding with the Gulf Province in Port Moresby. IRC Commissioner-General Sam Koim said that they have also forged similar partnerships with other provinces except for Hela, Southern Highlands, and Gulf and that this partnership is very timely because they will also be forming relationships w...
The Global Sustainable Seafood Initiative (GSSI) has welcomed the country’s Fishing Industry Association (FIA) as a funding partner. According to Fishing Industry Association (PNG) president and chairman Sylvester Pokajam, this partnership was an achievement for them to improve and to raise their commitment to the conservation of the ecosystem and to prot...
Papua New Guinea has lost a great man. Grand Chief Sir Michael Thomas Somare, the man who led the country to independence in September 1975, died of pancreatic cancer at the Pacific International Hospital in the country’s capital. He was 84 years old. The national government has urged all flags to lower at half-mast to honour the great man.In a statement,...
The major cause of the lack of foreign exchange is trade imbalance.According to Acting Chief Trade Officer Richard Yakam, import service are costing the economy about K5 billion and that the constant increase and leakage in the economy is causing an imbalance in trade. “This leakage in the economy has resulted in the forex issue that means more currencies...
In the last two years, PNG exports to China Have risen over K13 billion.According to Deputy Prime Minister Sam Basil, “It is public knowledge that PNG exports to China have grown from K11.829 billion in 2018 to K13.185 billion in 2020.”He added that the dominant exports were from the liquefied natural gas (LNG) industry. “The three leading recipients of o...
The initiative of the Ihu special economic zone project will promote and boost international trade among countries trading with Papua New Guinea.This was revealed by Acting Chief Trade Officer Richard Yakam, who said that this project is very significant in promoting export and import between countries and increasing trade relations. He added that with th...
With the signing of the HR recruitment contract, the $US6 billion (K21 billion) Ihu Special Economic project spearheaded by the Kikori district development authority has moved into its second phase of development. Minister for Foreign Affairs and Kikori MP, Soroi Eoe said the signing is significant in that it enables the National Executive Council decisio...
The Lae Biscuit Company (LBC) has met internationally recognised and approved food safety and control measures.One of 10 certified food manufacturing companies in Papua New Guinea, the LBC has been awarded the Hazard Analysis Critical Control Point (HACCP) certification by the Papua New Guinea Certification Services through the National Institute of Stand...
In spite of the effects of the pandemic, Swire Shippes continues to thrive as it unveiled its new office in Lae.In attendance during the opening were Swire Shipping country manager Alistair Skingley, partners, customers, employees, and members of the business community.According to Skingley, this new office signals the successes of Swire Shipping, which h...
The merging of bmobile and Telikom into a single operator will be complete in June. According to State Enterprises Minister William Duma, both companies had their own structures, payroll system and assets so the merger would not be straight forward.“When you look at employees and assets, we have to have alignment,” he said. “There are many technical issue...
Papua New Guinea is expecting the delivery of the COVID-19 vaccine around April.This was according to National Pandemic Controller David Manning who said, “We’re working closely with the Australian authorities to make sure that we have a fair share of the vaccination. At this point, we are looking (at) around April. As to what vaccination we will be seeki...
Starting April 3, 2021, Air Niugini will increase its flight services between Port Moresby and Hong Kong from once to twice weekly.Under a codeshare arrangement, services will be operated by Air Niugini’s Boeing 767 aircraft, in partnership with Cathay Pacific Airways.Flights to Hong Kong continued in October last year, operating every Wednesday which all...
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