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...

Kingston managing director Andrew Corbett has been extremely excited with the results of the pre-feasibility study (PFS) which shows that Kingston Resources can revive the Misima gold mine back to life.Misima can come out with 130,000 ounces per year over a 17-year mine life. “This is a significant milestone for all stakeholders in the Misima gold project...

Dirio Gas & Power project, the newest private power plant in Central province, was recently launched, providing the City of Port Moresby its much-needed electricity. The power plant generates 45 megawatts (MW) of power supplied to the city’s power grid at a rate of 37 toea per kilowatt, distributed by PNG Power Ltd as per the Power Purchase Agreeme...

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...

Papua New Guinea Prime Minister Hon. James Marape has joined world leaders in a virtual 2020 APEC Economic Leaders' Meeting to tackle the challenges and the solutions to COVID 19.Participants included US President Donal Trump, Russian President Vladimir Putin, Chinese President Xi Jinping, Australian Prime Minister Scott Morrison, Japanese Prime Minister ...

In the first six months of 2020, economic growth in the Asia Pacific Economic Cooperation (APEC) region decreased by 3.7 per cent and is expected to contract by 2.5 per cent for the whole year.According to a report by the Apec support unit, this was equivalent to an output loss of US$1.8 trillion (K6.17 trillion), and due to the pandemic. This was also th...

According to PNG Ambassador to China Don Sawong, PNG is set to finalise a feasibility study for the possibility of having a free trade agreement with China. In an event in Shenzen, China, he said that the two countries were urged to conclude this free-trade agreement. He added that a few memoranda of understandings (MoU) were already carried out between t...

The government recently signed an environmental impact statement approval with regards to the K18 billion Wafi-Golpu project.This came after an agreement with the Morobe government to start moving forward. Prime Minister James Marape said the signing would grant the Special Mining Lease (SML) and negotiations for a mining development contract among the de...

As a measure to partner with financial institutions, the Centre for Excellence in Financial Inclusion (CEFI) recently conducted a workshop in agriculture lending and implementing the Market For Village Farmers Project. In his opening remarks, CEFI Executive Director Saliya Ranasinghe said, “One of the differences with this particular project is that we wo...

As a response to the statements delivered by The Chamber of Mines and Petroleum, Petroleum Minister Kerenga Kua said that the government expected the petroleum and mining industries to make sure that the production sharing contract regime was engineered and designed in line with the law.PNG Chamber of Mines and Petroleum has earlier criticised the propose...

The Chamber of Mines and Petroleum has responded to a 4-page advertisement by Petroleum Minister Kerenga Kua.The agency said that implementing the proposed introduction of the government of the production sharing contract (PSC) regime under a proposed organic law not only will stunt the growth of the economy but will eventually retard the tax of the State...

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 ...

According to the Mineral Resources Authority (MRA), the revised Ramu NiCo project memorandum of agreement (MOA) is still awaiting resolution of issues and challenges affecting landowners. Managing director Jerry Garry said that the MOA was signed in 2013 for a five-year period, which was due for review last 2019. He added that the review began in 2018 by ...

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...

Papua New Guinea Prime Minister James Marape has welcomed the passage of six significant legislation that guarantees the US$20 billion Papua LNG Project in the Gulf in months ahead.In a press conference attended by Petroleum Minister Hon. Kerenga Kua and Gulf Governor Hon. Chris Haiveta, he said, “Today is good news for the country. The laws have finally ...

Entities linked with company advisor Matt Liddy have given Gold Mountain (GMN) $2 million for its flagship Wabag project in Papua New Guinea.Overall, the stakeholders have bought over 36 million Gold Mountain shares at 5.5 cents per share. Gold Mountain, on the other hand, is set to issue over 2.5 million shares to satisfy placement fees payable to the in...