According to an economist, improving benefit-sharing agreements for resource programs necessitates a thorough understanding of the future gains from those projects as well as the conditions offered in other countries. The government "owns the assets and is the regulator," according to Paul Barker, executive director of the Institute of National Affairs...

In its first quarterly Pacific economic and market (PEM) perspectives for 2021, BSP Financial Group Ltd forecasted 3.5 per cent economic growth for PNG this year. The bank estimated that the global economy will rise at a rate of 6% in 2020, up from a predicted -3.3 per cent in 2020 when the world was struck by the Covid-19 pandemic. The resumption o...

To put agriculture and fisheries into aviation, the Morobe Provincial Government has collaborated with the National Airports Corporation. The Morobe Provincial Government has been preparing for four years. In Port Moresby, the Morobe team headed by Governor Ginson Saonu signed the Agriculture and Fisheries Partnership via Aviation with NAC acting manag...

The Southern Highlands Province's Mendi Airport Redevelopment scheme has been placed on hold. The redevelopment of the airport, which was scheduled to be completed in October this year, has been placed on hold, according to NAC acting managing director Rex Kiponge, due to the contractor not having the right materials for the runway and a disagreement a...

The National Gaming Control Board is looking at casino tourism as a way to boost PNG's economy and tourism. Last week, the National Gaming Control Board met for the first time with newly selected board members after almost two years. Members of the corporate chamber, women's council, churches, and non-executive directors from the Departments of Fina...

The Market Conditions Survey showed that company morale is high, with 70% of businesses have continued operations in the fourth quarter of 2020. Businesses continue to face challenges due to lower consumption and market demand. According to the Corporate Council of PNG Market Conditions Survey, businesses have seen a steady turnaround between the fi...

Sam Basil, the Deputy Prime Minister and Minister for Commerce and Finance, is in Paris this week for trade negotiations with Franck Riester, the French Minister Delegate to the Minister for Europe and Foreign Affairs. The two ministers met to discuss ways to improve PNG-France economic relations. Both ministers want to see more coordination in new ...

Puma Energy, a fuel and energy provider, has pointed out that the aviation industry has been struck the hardest. Puma Energy country manager Hulala Tokome mentioned that Puma supplies 100% of the country's jet fuel needs, demand remains poor, which is in line with a global downturn in travel that has also affected this country. He said that while mo...

COVID-19 has spread throughout the country, and Prime Minister James Marape has launched a national drive to stop it. The national vaccination rollout's slogan is "Sleeves Up Be A Vaccine Champion” which emphasizes the importance of rolling up your sleeves and getting vaccinated. On May 5, the second round of vaccinations began. Marape was joined by...

According to a new report published by the Asian Development Bank (ADB), the Pacific will return to positive growth in 2021. However, the region's outlook is still fraught with dangers, and there is substantial variation among the 14 Pacific developing member countries (DMCs). According to the Asian Development Outlook (ADO) 2021, the ADB's flagship ec...

According to a Business Council of PNG market condition report, the majority of companies continued to witness financial loss through the end of last year, with at least 60% failing to reach their expected performance for the fourth quarter. The findings said that 69% of companies expect their annual sales in 2020 to be lower than the previous year. ...

The PNG Chamber of Mines and Petroleum has appointed Richard Kassman as its current president. Kassman, who has served as the chamber's vice president for the past three years, succeeds Gerea Aopi, who began his career in the industry in 1991. Following the announcement, Kassman praised the outgoing president, Aopi, for his extensive work and guidan...

According to the Asian Development Bank's 2021 forecast, the extractive and agricultural industries are projected to expand in 2021. Mine and quarry production could rise in 2021 and 2022, according to the ADB's recently issued forecast for 2021, as favourable international metal prices spur production. The Lihir and Ok Tedi mines, both multibillion...

According to the company's board member, all PNG Air employees will be retained after the acquisition by Link PNG. The key goal of the acquisition, according to PNG Air chairman Augustine Mano, is to achieve a viable airline industry in order to secure PNG Air's future, creditors, and personnel said a letter from the board to management and staff of PN...

The Independent Consumer and Competition Commission (ICCC) is worried about the Climate Change and Development Authority's (CCDA) proposed new carbon levies or extra excise duties. The ICCC expressed its reservations in a recent media release, stating that there has been a lack of substantive meetings with the impacted sectors on the issue, as well as ...

The Port Moresby Chamber of Commerce and Industry has asked the government to pay over K100 million in unpaid dues to its members in order to help them develop their businesses. Stacey O'Nea, the Chamber's chief executive officer, stated that they are not after free handouts or a stimulus budget for companies; rather, they want what is owed to them to ...