As part of extensive in-country research for the newly-released 2024 edition of the Business Advantage PNG annual magazine, our editorial team spoke exclusively to dozens of Papua New Guinea business leaders to understand how they are preparing for imminent growth – and what challenges they face. Here’s what they told us.
Forex, debt and governance: the IMF assesses Papua New Guinea’s progress
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13 Mar 2024 by Leave a Comment
A year ago, the International Monetary Fund commenced a program in Papua New Guinea, focused on improving government debt, foreign exchange shortages and governance. Business Advantage PNG sits down with the IMF’s Resident Representative in PNG, Sohrab Rafiq, to discuss progress on these three critical issues.
No hard devaluation of the kina, says Bank of Papua New Guinea Governor
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21 Aug 2023 by Leave a Comment
With a new strategy to manage Papua New Guinea’s foreign exchange shortages expected soon, the Bank of Papua New Guinea’s Acting Governor, Elizabeth Genia, has moved to reassure business leaders that a devaluation of the country’s currency is not on the cards.
Papua New Guinea’s currency flagged to continue ‘gentle’ fall
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5 Jul 2023 by Leave a Comment
The Papua New Guinea kina is starting to experience a very gradual erosion against its key trading currency, the US dollar.
Opinion: reforms and new responsibilities at the Bank of Papua New Guinea
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22 May 2023 by Leave a Comment
The Bank of Papua New Guinea, the country’s central bank, is undergoing notable changes. Its Chairman, David Toua, comments on what’s behind the changes, the challenges faced by the bank and the road ahead for foreign exchange.
New forex strategy promises gradual return to a floating currency in Papua New Guinea: IMF
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9 May 2023 by Leave a Comment
The recent decision by the International Monetary Fund (IMF) to approve US$918 million (K3.2 billion) in new funding to Papua New Guinea is helping to fast-track a solution to the country’s chronic foreign exchange shortages. Business Advantage PNG spoke with Sohrab Rafiq, the IMF’s new PNG representative, to learn more.
Fiscal consolidation in Papua New Guinea: some promising signs, but will it be sustained?
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27 Mar 2023 by 1 Comment
Will Papua New Guinea eliminate its fiscal deficit by 2027? Devpolicy’s Kingtau Mambon and Alyssa Leng analyse debt, budget deficit and ‘glimmers of hope’ to answer this pressing question.
Papua New Guinea’s economy set for medium term growth: IMF
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20 Jul 2022 by 2 Comments
Papua New Guinea’s economy has weathered the COVID pandemic well, according to the International Monetary Fund’s latest Article IV assessment, completed last week. While the assessment paints an improved picture over the medium term, it flags some key reforms that PNG’s government still needs to address.
What the International Monetary Fund is doing in Papua New Guinea
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15 Jul 2020 by 1 Comment
With Papua New Guinea’s government debt set to rise to over 40 per cent of GDP due of the COVID-19 crisis, the International Monetary Fund’s PNG Mission Chief, Scott Roger, explains how the IMF is helping the country get back on a sustainable financial course.
Explainer: Papua New Guinea’s stimulus package relying on overstretched IMF
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6 Apr 2020 by 1 Comment
Papua New Guinea’s government has announced its Budget deficit will balloon to more than K6 billion, the biggest in the nation’s history. Treasurer Ian Ling-Stuckey has announced a well-targeted stimulus, but the International Monetary Fund needs to come to the party.
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