Subprojects funded by the Asian Development Bank's multi-tranche funding facility loans for the Civil Aviation Development Investment Program (CADIP) advancement are on schedule to be completed within the facility's availability span. The multi-tranche financing facility (MFF) is one of the ADB's modalities for assisting clients with their medium to lo...

Prime Minister James Marape unveiled the Ihu special economic zone (Isez) in Kikori, Gulf, as part of the district's other impact projects. Soroi Eoe, Kikori MP and Foreign Affairs and Trade Minister, Michael Nali, Works Minister Michael Nali with his department secretary David Wereh, William Samb, Central Governor Robert Agarobe, and Gulf Governor Chr...

The Internal Revenue Commission's (IRC) Commissioner General, Sam Koim, said that the IRC will advise the government on lowering the Salaries and Wages Tax (SWT) if they raise enough revenue through the successful collection, especially through the Goods and Services Tax (GST). Koim said that they would make the recommendation until the National Govern...

According to the Bank of PNG's (BPNG) jobs index, structured private sector employment fell by 5.5 per cent in the September quarter of 2020, relative to a 1.3 per cent growth in the June quarter of 2020. This was recently illustrated in BPNG's quarterly economic bulletin for the September quarter. BPNG Governor Loi Bakani said that jobs dropped by ...

If the planned takeover of Westpac's Pacific company is authorised, Kina Bank said the new bank would have a new name and would be independent of Kina to increase banking sector competitiveness and consumer preference. Kina's plan, according to Chief Executive Officer Greg Pawson, is to establish a new-branded bank for the nation that is independent an...

If COVID-19 cases continue to rise, the government is considering a lockdown from the new Isolation Strategy. People are not listening or complying with the Niupla Pasin policies, according to Rainbo Paita, the Leader of Government Business. As a result, Cabinet has had to take drastic measures to save lives. “Another main factor is because people a...

Treasurer Ian Ling-Stuckey has started talks with the Asian Development Bank (ADB) on the goals for the ADB's $US2.2 billion in funding over the next four years. After a virtual meeting with ADB country director David Hill, the treasurer said the Marape Government needed to continue its emphasis on the war on coronavirus while also developing the found...

With the outstanding amount of government debt owed to the sector, pending landowner fees, and rising law and order woes, businesses are concerned about 2022. According to Chey Scovell, chief executive officer of the PNG Manufacturers Board, conversations within the business community revealed that the government owed companies more than K2 billion. ...

The Papua New Guinea Securities Commission has placed a new levy for all trades on the PNG Stock Exchange, the country's stock market (PNGX). The Securities Commission adopted the new levy on February 8 and it went into effect on March 8, according to PNGX chairman David Lawrence. Each buyer and seller are expected to pay an extra 0.75 per cent of the ...

The United Kingdom is the main contributor to the United Nations Peacebuilding Fund, which funds programs in Bougainville and the Highlands region of Papua New Guinea. Last week, British High Commissioner to Papua New Guinea Keith Scott said that the United Kingdom, as a Permanent Member of the United Nations Security Council, regularly engages in nego...

According to the Japanese Embassy, Japan is allocating more than K32 million to support Papua New Guinea (PNG) in fighting the transmission of the coronavirus (Covid-19). The embassy said in a statement last week that its government will give international organizations in PNG K32,484,368 to introduce projects to combat Covid-19 infections. The Worl...

The Investment Promotion Authority (IPA) is committed to ensuring that the Investment Promotion Act is properly reviewed in order to carry out its mandated duties and obligations. This is to ensure that all international and domestic investments are encouraged and facilitated. In its second issue of the Opportunity Newsletter for 2021, the IPA said ...

By the end of the year, the much-anticipated national demographic estimates and common roll update will be available. The National Statistics Office (NSO) gave this assurance when confirming that 95% of institutional listing has been achieved. Despite the COVID-19 pandemic, Acting National Statistician John Igitoi stated that the NSO was committed t...

The effect of the COVID-19 pandemic on the prices of seasonal produce and medical services pushed annual inflation higher in the second half of 2020. Loi Bakani, the Governor of the Bank of PNG, said annual headline inflation was 5.1% in the December quarter of 2020. The annual key indexes of inflation, he said, had also risen. According to Bakan...

COVID-19 had a major impact on Papua New Guinea's exports and port movement, but the PNG Ports Corporation had taken political decisions to handle the situation. In recent months, the world has seen and continues to see a significant shift in everyday lives, which has had significant implications for industry, commerce, and transportation. The pande...

BSP Financial Group has replaced Bank South Pacific Limited as the company's name. Sir Kostas Constantinou, Chairman of the BSP, revealed this last week. The shareholders approved the name change, as well as other legislative amendments, according to Sir Kostas. BSP will now proceed with the filing of its application for listing on the Australian...