In the next two years, PNG is expected to grow its economy by nearly K18 billion - from K81 billion to K99 billion.This was revealed by Treasurer Ian Ling-Stuckey who said that this growth will benefit the non-resource economy. The 2021 budget was recently passed with only 49 MPs from the government bench.“It is now expected that our economy will grow by ...

In order to increase infrastructure and economic development, the region of Bougainville considered establishing relations with development partners as a priority. Autonomous Bougainville Government President Ishmael Toroama in his first official visit to Port Moresby met with several important development partners. The meeting was to familiarise the new ...

The Organic Law was adopted for the creation of the Independent Commission against Corruption. This move was welcomed by the European Union, and said that this milestone is a “first promising step on a long road’. “Adopting the legislation is essential, but not sufficient,” it stated. “To make it work, ICAC will further need real independence, bylaws an...

Government agencies must work together to make sure investors coming into the country follow the country’s laws and regulations.This, according to the Investment Promotion Authority (IPA), agency in charge of promoting the country and bringing in investors. For Managing director Clarence Hoot, the problem lies with foreign investors going into business ac...

According to PNG Ambassador to China, Don Sawong, the estimated value of exports of China grew from US$34.56 billion (K118.29bil) in 2018 to US$38.52 billion (K131.85bil) in 2019.He revealed these figures during a recent Pacific Island Countries investment promotion event in Shenzhen, China, saying that the extractive industries amounted for 89 per cent o...

The effects of COVID-19 on impact revenue will continue until 2021. According to the projections done in the 2021 Budget Paper Strategy (BPS) by the Department of Treasury, the loss in business income will still manifest in reduced corporate income tax earnings in 2021 as filings for 2020 assessable year become payable in 2021.The document further predict...

In the midst of the current political instability in Papua New Guinea, Australia’s Prime Minister Scott Morrison has cancelled his trip. This comes after high profile ministers led by Deputy Prime Minister Sam Basil have defected to the opposition led by Belden Namah. PNG’s Foreign Affairs Minister Patrick Pruaitch and Attorney-General David Steven also c...

After 12 high-ranking government ministers led by Deputy Prime Minister Sam Basil defected to the opposition, current Prime Minister James Marape, is facing a leadership threat. This comes a day after the passing of the Independent Commission Against Corruption Bill and a week before the schedule of handing down of the 2021 budget. These officials mention...

In spite of leaving the European Union, parliament has convened to unanimously continue trading with the United Kingdom. In a vote of 97-0, parliament voted to waive section 117(3) of the Constitution that has bound PNG to trade with the UK under the EU.Section 117(3) would be ratified for PNG to trade with the UK under the UK and Pacific interim economic...

Chinese company Fujian Zhonghong Fishery Ltd has signed a Memorandum of Understanding valued at US$150 million (K527.20mil) for the industrial park for marine resources in the Western region. The Company also wants to put up a marine industrial zone. According to Fisheries and Marine Resources Minister Dr Lino Tom, the investor would work with the Nationa...

To combat corruption, the Papua New Guinea parliament has passed legislation which establishes an Independent Commission Against Corruption (ICAC).In 2015, constitutional establishments to establish an ICAC were passed but efforts to take this into full force lapsed - until the Marape government took over last year.According to Police Minister Bryan Krame...

The largest container vessels in Papua New Guinea have already made its maiden call to Shanghai.The 2,750 teu Lae Chief and two sister vessels equipped with three 45 tonne cranes which can carry breakbulk, out-of-gauge, reefers and vehicle cargoes is now sailing to Lae, Port Moresby and Townsville.“This is a proud moment for Swire Shipping, not only becau...

In the restructuring and reorganisation of Air Niugini, the Asian Development Bank (ADB) will fund K100 million.Treasurer Ian Ling-Stuckey said the task of recovery would take a bit longer and be more difficult for this airline which is slowly starting to continue its domestic and international flights after the 8-month lockdown. He added that some state-...

In transforming all state-owned companies, the Asian Development Bank (ADB) has granted the government K1.75 billion. Minister for Treasury Ian Ling-Stuckey said that this is beneficial in transforming the enterprises into high performance and quality organisations.“This program encompasses all SOEs. It will bolster their financial and technical capacitie...

Deputy Prime Minister and Minister for National Planning Sam Basil and Energy Minister William Onglo, with representatives from government, landowners, and Oil Search after the briefing.In light of the need for sustainable energy, the Marape-Basil government has supported the PNG Biomass Project.According to the Deputy Prime Minister and National Planning...

As part of quarantine measures, foreigners travelling to Papua New Guinea will need to wear ankle monitors which will cost them $US28, according to Pandemic Response director, Daoni Esorom.Esorom said Response Controller David Manning approved this exercise and will be tested for a month."The controller approved the engagement of TrackCo to track them whi...