Treasurer Ian Ling-Stuckey cites the International Monetary Fund's (IMF) 6.8% inflation forecast for Papua New Guinea. “PNG’s economy can be greatly affected by shifts in the global economy,” he said. “The latest IMF World Economic Outlook released last week increased inflation predictions for developing countries to an extraordinary 9.5 per cent av...

Photo credit: Islands Business The Madang business community wishes to contribute more to the growth of the Pacific Marine Industrial Zone (PMIZ) in the region. The development of the project, according to Kevin Murray, president of the Madang Chamber of Commerce and Industry, would have a favourable effect on the city's economy. A committee has ...

Photo credit: Centre for Excellence in Financial Inclusion Financial information is vital to making informed decisions and NASFUND Contributors Savings and Loan Society (ncsl), as a financial institution, endeavors to provide necessary training and awareness to empower people to make good financial decisions. On Monday 01 August, ncsl and Centre for...

Sir Wilson Kamit has been named chairman of the board of directors of TISA Community Finance Limited, a fully owned subsidiary of Teachers Savings and Loan Society, beginning July 21, 2022. Sir Wilson, according to TISA's chief executive officer Michael Koisen, brings to the TCF board a wealth of knowledge and managerial experience that will help the s...

There have been many divestments and reinvestment in the country by foreign enterprises in past years, according to the Investment Promotion Authority (IPA). According to IPA managing director Clarence Hoot, 165 foreign enterprise certificates were awarded for the first half of this year as opposed to 364 for the entire previous year. “We are seeing...

Photo credit: Papua New Guinea Customs Service The PNG Customs Service and Investment Promotion Authority (IPA) have renewed their partnership to work together in relation to trade, border protection and facilitation, promoting investment including intellectual property enforcement. In order to advance their continuous collaboration, customs chief c...

The Independent Advisory Group overseeing the review of the Central Banking Act 2000 and Financial Sector Regulation has been given the clearance to go ahead with Phase II of the review. Chairman Robert Igara in a public notice said: “With the successful completion of IAG’s phase I work and decision of the National Executive Council in November 2021, t...

“Foreign Exchange (FX) market inflows gained momentum in June Quarter. FX inflows are expected to seasonally taper in September Quarter, and outstanding FX orders build-up again,” says BSP Group General Manager – Treasury, Rohan George. “As FX flows can be lumpy, we expect there to be periods where outstanding FX orders build up,” said George. Accor...

The price of goods and services have continued to increase since the second quarter of 2021, with Consumer Price Index (CPI) rating closing the first quarter of this year at 6.9 percent – the highest level rating since 2010. To counter this high domestic inflation, the Bank of PNG has tightened the Monetary Policy by increasing the Kina Facility Rate (...

Prime Minister Hon. James Marape, MP says the completion of Telstra’s acquisition of Digicel Pacific this month is demonstration of international confidence in the Papua New Guinea economy. “The government has worked to liberalise the telecommunication market, and to also even out the playing field so that we attract important investments, and build im...

Photo: Photo of PIF Leaders Pacific Islands Forum Chair and Host, Fijian Prime Minister Hon. Josaia Voreqe Bainimarama, and other members of this esteemed group. I am honored to be here today representing my people of Papua New Guinea at this august forum in its 51st year of existence. On this momentous occassion, let us pause to remember pioneer...

Photo: Prime Ministers Albanese and Marape in Suva. Prime Minister Hon. James Marape met Australian Prime Minister Anthony Albanese on Thursday (July 14 2022) at the Grand Pacific Hotel in Suva, prior to the convening of the 51st PIF Leaders Retreat at the PIF Secretariat Headquarters. Being the first meeting since PM Albanese was elected, their ini...

Prime Minister Hon. James Marape had a bilateral meeting with the Prime Minister of the Republic of Fiji. Hon. Voreqe Josaia Bainimarama on the margins of the 51st Pacific Islands Forum in Suva, Fiji. PM Bainimarama thanked PM Minister Marape for making time to attend the PIF saying it showed his commitment and cause to the wider regional family. PM...

Photo credit: A Pacific Trade Invest survey for Pacific Island exporters has revealed that despite over half of all responding businesses reporting a decline in export orders over the past 12 months, respondents are confident the future holds promise with two out of three businesses expecting an increase in export orders over the next 12 months. The...

PAPUA New Guinea’s economy has weathered the Coronavirus (Covid-19) pandemic well despite many challenges, according to Treasurer Ian Ling-Stuckey. Ling-Stuckey said according to the International Monetary Fund (IMF), “PNG economy is expected to grow from K79.4 billion in 2018 to K109.3 billion in 2022”. “The increase over the last two years of K23....

Telstra, Australia’s leading telecommunications and technology company, today announced it has officially acquired Digicel Pacific in partnership with the Australian Government. Telstra will continue to invest in and operate the business across its six South Pacific markets – Papua New Guinea, Fiji, Nauru, Samoa, Tonga and Vanuatu. Oliver Camplin-Warne...