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 ...

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...

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...

Governor for Eastern Highlands Province Hon Peter Numu has given his full support for the establishment of the Extractive Industries Transparency Commission.  Governor Numu opened the lower Highlands Consultation workshop on the PNG Extractive Industries Transparency Commission Bill in Goroka on Monday, September 6th, 2021. He welcomed the State leg...

According to Steamships Trading Company Ltd, the national economy would rebound later this year and beyond 2022. In its half-year report for the fiscal year 2021, the corporation indicated that recent government announcements on key resource development projects were encouraging. The group's Coral Sea Hotels had a strong start to the year, aided by ...

According to a poll conducted by the Business Council of PNG, businesses have spent close to a million kina on COVID-19 protective equipment and facilities to protect their employees and operations. According to the findings of their COVID-19 vaccination for a business survey, 70 per cent of the cost was spent on face masks and sanitisers, 21 per cent ...

When PNG becomes 50 years old in 2025, the Marape/Basil government hopes to complete its Connect PNG Road Program, which will connect the country's missing links. David Wereh, the Works Secretary, and his staff are currently working to connect all of the highways in the Northern and Highlands areas. He said the Department of Works and Implementation...

The National Airports Corporation has granted the go-ahead for flights into Madang Airport to resume on Monday. Flights have resumed following NAC's extensive runway rehabilitation work, the airport's anticipated closure from July 23 to August 8, and a further delay of flights on August 13 due to weather. Regular passenger transport (RPT) flights in...

Photo Credit: peopleconnexion The Papua New Guinea Chamber of Mines and Petroleum congratulates the Marape-Basil government for its positive action on resource projects, which it says, the country urgently needs to get moving, and to provide economic support to the national economy.  Last Friday (August 20th) the government tabled, debated, and over...

According to Investment Promotion Authority (IPA) chairman Leon Buskens, New Ireland has received K460 million in foreign investment in the previous six years, with Namantanai accounting for 80% of it. Buskens, who recently presided at the inauguration of a Bank South Pacific branch in Namatanai, claimed that according to IPA investment data from 2014 ...

Photo Credit: Department of Prime Minister and National Executive Council    Prime Minister Hon. James Marape officially launched the Forest Carbon Pilot Project today at the Afore District Sub-Station, Oro Province. This new project is unlike the Carbon Trading Program where countries are given credits for just conserving their Rainforest. The M...

Increased exports are the greatest way to boost PNG's foreign exchange. During the Certified Practising Accountants of PNG conference in Lae, Governor of the Bank of PNG, Loi Bakani, made this remark. The Momase and Highlands area conference of the Certified Practising Accountants of PNG began on Thursday at the Lae International Hotel. Bakani sp...

His Excellency Mr. Joshua Kalinoe, Papua New Guinea Ambassador to the Kingdom of Belgium and the EU with concurrent accreditation to the Republic of France (right) exchanges the signed Agreement with Josee Fecteau, Director for Legal Affairs of the OECD in Paris.   Papua New Guinea signed the Multilateral Convention on Mutual Administrative Assistan...

Photo Credit: Tim Scott, Flickr PNG Ports Corporation Limited is adamant about having huge international shipping boats berth in Papua New Guinea ports. The Lae International Berth is being renovated to meet international vessel requirements, according to Rodney Begley, PNG Ports' chief operations officer. According to him, the berth can accommod...

Photo Credit: PNG Buzz Should the deal be authorized by the ICCC, Kina Securities Limited's position on purchasing Westpac PNG remains on the table, with a discussion of more competition in the banking market. The bank recently met with the Independent Consumer and Competition Commission to explain its acquisition plan for Westpac PNG. Greg Pawso...

Domestic economic activity decreased in 2020, according to economic data accessible to the Bank of PNG, despite a rebound in the December quarter. The drop, according to the Central Bank, was caused by the Coronavirus pandemic, which had a negative influence on the world economy, as well as the government's subsequent containment efforts following the ...