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Photo credit: Loop PNG - Paulus Ain According to the Independent Consumer and Competition Commission (ICCC), fuel costs may decline as a result of travel limitations imposed by the Coronavirus (Covid-19). The Covid-19 epidemic, according to Commissioner and Chief Executive Officer Paulus Ain, might affect travel and hence lower demand for gasoline. ...

According to PNG Ports Corporation Ltd, the country's two international marine ports have developed considerably in the last four years. According to statistics released last month, cargo volumes increased by 204,518 20-foot equivalent units (TEU) this year, while vessel turnaround time decreased by approximately 50%. PNG Ports owns the Lae and Motu...

According to Des Yaninen, president of the Micro Small Medium Enterprise (MSME) Council, a reduction in employment nationally reflects the current situation of the economy. Commissioner-general of the Internal Revenue Commission (IRC) Sam Koim indicated that private sector employment has decreased, as evidenced by a drop in the salary and earnings tax ...

Photo credit: The Autonomous Bougainville Government The Autonomous Bougainville Government and the Independent Consumer and Competition Commission signed a Memorandum of Understanding today in Buka, which now marks the beginning of the drawdown of full powers from the consumer watchdog to the ABG.  The drawdown process falls under the SHARP Agreeme...

The Asian Development Bank (ADB) and the Government of Papua New Guinea (PNG) today signed a $325 million loan to help fund tranche 2 of the Sustainable Highlands Highway Investment Program, a key transport development connecting some of PNG’s most remote rural communities and farmers to services and market opportunities. ADB Director General for the P...

According to the Asian Development Bank, Papua New Guinea's economy will remain difficult in the short term until some resource projects begin (ADB). Edward Faber, a country economist with the Asian Development Bank in PNG, said the country was presently dealing with a variety of challenges, including the impact of the Coronavirus (Covid-19) epidemic, ...

Photo credit: According to the Bank of Papua New Guinea, total real GDP would rise by about 1.0 per cent in 2021, compared to a previous projection of 2.5 per cent in the bank's March monetary policy statement, Michael Sullivan, President of the Papua New Guinea-European Union Business Council, said. Sullivan made the remarks at the Lamana Hotel in ...

Photo credit: The National According to State Enterprises Minister William Duma, the Telikom-bmobile merger is on track, with a big announcement expected next month. Duma said he couldn't talk about the merger yet since there were other parties involved and business agreements to think about. Prime Minister James Marape stated last month that the tw...

Photo credit: BSP BSP Financial Group Limited (BSP) has confirmed that BSP shareholders can transfer all or part of their BSP shares to the ASX and trade them on the ASX Market. BSP Financial Limited Group CEO Robin Fleming noted that since the company's listing on the Australian Stock Exchange (ASX) in May, stockholders have been able to trade on t...

Water PNG Limited has signed a contract for K43 million for two water supply projects in Kundiawa and Bulolo townships, which would increase water availability for residents. Two water supply contracts were signed: one for K20 million with Water PNG Limited and Kaia Works Civil Engineering Contractors Limited for the Kundiawa water supply project, and ...

The National Airport Corporation Civil Aviation Development Program One upgrade and maintenance is anticipated to be finished in November. According to Rex Kiponge, the NAC's acting managing director. He said that on November 24, all projects under CADIP One (Tranches One, Two, and Three) will come to an end, with the goal of redeveloping and revita...

The PNG Economic Database was inaugurated in Port Moresby by Minister for Treasury Ian Ling-Stuckey. The PNG Economic Database, which dates back to 2012, was created in collaboration between the Crawford School of Australia National University and the UPNG School of Business and Public Policy. PNG Economic Database, according to Ling-Stuckey, is a f...

Papua New Guinea, according to Prime Minister James Marape, "remains open for business" and welcomes genuine foreign investment. On Friday, September 24, he delivered his maiden UN speech at the 76th United Nations General Assembly in New York. PM Marape made the guarantee while giving an update on PNG's extractive sectors in light of the current go...

Photo credit: World Bank To reduce the use of offshore labour, Papua New Guinea Prime Minister James Marape is advocating for the use of local tradesmen and technicians in the building of the P'nyang and Papua LNG projects. The Prime Minister proposed that PNG furnish the labour needed to construct the project facilities while signing framework agre...

According to the World Bank, Papua New Guinea's GDP shrank by 3.9 per cent last year as a result of Coronavirus (Covid-19)-related limitations and lower demand. The fiscal deficit increased to 8.9% of GDP, according to the bank's recent East Asia and Pacific Economic Update report, with income underperformance rather than a dramatic increase in spendin...

Photo credit: UNGA Prime Minister James Marape has attempted to advance a number of issues on behalf of Papua New Guinea and the Pacific Blue Economy at the United Nations Climate Change Conference (COP-26) in November 2021 in the United Kingdom. On Friday, he addressed this in a speech to the United Nations General Assembly (UNGA) in New York City ...

The Ihu Special Economic Zone (ISEZ) project in Kikori, Gulf, Papua New Guinea, will get a grant of K80 million from China. Last week in Port Moresby, Chinese Ambassador Zeng Fanhua signed an economic and technical cooperation agreement with acting Prime Minister and Kikori MP Soroi Eoe. Prime Minister James Marape, according to Eoe, chose to provide t...

(from left to right) PNG NRI, Deputy Director for Research Associate Professor Eugene Ezebilo, NRI Acting Director Dr Osborne Sanida, CEFI Executive Director Saliya Ranasinghe and CEFI Manager Communications and Stakeholder Mobilisation Eva Kuson following the signing of the MoU. A Memorandum of Understanding (MoU) was signed today (24 September 2021) ...