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The budget for 2021 is critical after an economic downturn this year, said Kina Bank.In a budget review, the bank said that next year’s budget showed a shift in focus towards the non-resource sector - with the goal of establishing a foundation for tangible economic growth outside the resource sector. It added that fiscal consolidation was part of its over...

The United States has begun rebuilding its relationship with the government of Oro.In a recent visit to the province, US Ambassador to Papua New Guinea, the Solomon Islands and Vanuatu, Erin McKee said that her courtesy visit to the historical sites around the area was an initial step in strengthening their relationship. To understand better service deliv...

In the past 18 months, strong international friendships have helped the government in its continuing economic reform policies.According to Treasurer Ian Ling-Stuckey, this included the chance to meet with the Australian High Commission last December 3 - which included a conference call with Australian Treasury officials - to discuss the robust strategic r...

The K400 million 23-storey Noble Centre building in downtown Port Moresby is set to finish early next year. According to China Railway Construction Engineering Group (PNG) Real Estate Company Ltd marketing manager Maksim Neil, the work was delayed because of the ongoing pandemic. “We have obtained the occupancy certificate from the National Capital Distri...

Part of the efforts of the government to drive enhancement in the performance of state-owned enterprises by venturing into different strategies is the merger between Water PNG and Eda Ranu. This is also to key in reforms to the sector. Kumul Consolidated Holdings Chairman Peter Aitsi said that the reforms are targeted in delivering improved results in two...

A report by the Bank South Pacific (BSP) has shown that all economies have witnessed important contractions in economic activity which resulted in cutting back of profits and dividends by companies.The report also revealed that global firm dividend payments were touted to decrease by 17.5 to 20 per cent this year. On whether this was caused by travel rest...

The business community faces a great deal of uncertainty in 2021. According to Port Moresby Chamber of Commerce and Industry President Rio Fiocco, this was because of the present political instability in connection with the 2021 budget and the commencement of major resource projects.“There is a great deal of uncertainty at the moment both on the political...

As part of the government’s strategy to re-invest back into the rural areas, the Department of Treasury Secretary Dairi Vele has urged companies to look beyond Port Moresby to do business, and begin their investments in outside centres. According to Vele, businesses should branch out to the outside centres to offer people more services. He said, “The Mara...

New Britain Palm Oil Ltd (NBPOL) has outshone 100 companies to top global rankings on sustainable and transparent oil palm production from the sustainable palm oil transparency toolkit (Spott) assessment. New Palm scored 94.4 per cent, putting the firm in a position to compete with others in challenging markets. This achievement borders on strict certific...

To purchase cocoa in East and West Sepik provinces, Paradise Foods Limited signed a memorandum of understanding (MoU) with the United Nations Food and Agriculture Organisation (FAO).According to Paradise Foods chief executive officer James Rice, FAO will support about 10,000 farmers. “These farmers are getting seedlings that will grow to supply us,” he sa...

Prime Minister James Marape has said that an accounting firm that did a budget analysis projected economic growth to bounce back at 3.5 per cent next year. He said that this is due to the recovery by most sectors and improved global demands and consumption - in spite of the pandemic. In a statement, Marape said, “This will see growth rise to an estimated ...

To help finance the US$769 million (K2.69bil) pandemic response of the government that included an economic stimulus package, the Asian Development Bank (ADB) has approved a US $250 million (K876.59 mil) loan. “The Covid-19 has had a devastating health, social, and economic impact on PNG,” said ADB president Masatsugu Asakawa. “The ADB is committed to sup...

In spite of the present political instability in the country, the Port Moresby Chamber of Commerce and Industry and Deloitte have triumphantly held the 2021 budget breakfast, attended by the business community in Port Moresby. The Prime Minister and the Treasurer usually attend the meeting but there were no government ministers around to take questions. T...

Work is underway to repair and upgrade infrastructure through an Asian Development Bank (ADB) funds of K60 million.This is according to PNG Power Ltd chairman Peter Nupiri who adds that power generation in the Port Moresby grid was okay but they are now dealing with transmission problems. “We started to do some work now,” he said. “Through ADB, there is a...

According to PNG Ports managing director Fego Kiniafa, port facilities need an upgrade to accommodate larger vessels. “We have to create facilities at our ports that are conducive and safe to accommodate such advancements, especially, the inclusions of bigger vessels,” Kiniafa said.He added that it is high time to consider the extension of berthing and ot...

PNG and the US are working on an investment and trade framework agreement to boost trading between these two countries.According to US Ambassador to PNG Erin McKee, the aim is on bilateral trade opportunities in agriculture and other industries. She added that the trade volume between these countries should rise. “It (trade volume) is not big enough,” Mck...

Once the multi-billion kina Wafi-Golpu mine gets off the ground, a gold bullion and smelting facility will be constructed in Morobe province. According to Papua New Guinea Prime Minister James Marape, this serves as one of PANGU Pati’s key policies to empower and drive businesses in Papua New Guinea. For Environment and Conservation Minister Wera Mori, th...

To help in the country’s struggling economy, Australia and PNG have signed off a new $AUD140-million loan. This is on top of the AUD$440 million dollars loan that Australia gave to PNG last year. Repayments have been suspended because of COVID-19.According to PNG Treasurer Ian Ling-Stuckey, he met with Australia's High Commissioner to formalise the loan a...