Articles by David James

Trade slump: how border closures affect Papua New Guinea’s exports

Welcome,

Papua New Guinea’s trade is likely to be sharply affected by the COVID-19 crisis and the closure of international borders, according to a report by the National Research Institute. It makes suggestions about how PNG’s traded sector can be supported.

Top-end woes: expat flight affects Papua New Guinea’s high-end real estate

Welcome,

The upper end of the housing market in Papua New Guinea is being adversely affected by the closure of the international borders, according to Tom Snelling, General Manager of property classifieds site Hausples.com. But he expects that there will be more movement in the cheaper areas of the real estate market.

Papua New Guinea Treasurer details K600 million stimulus package

Welcome,

Papua New Guinea’s National Executive Council has announced that K600 million will start to flow to the health, security, agriculture, business and household sectors as a first step in the government’s K5.7 billion coronavirus Economic Stimulus Package. Treasurer Ian Ling-Stuckey said this is K100 million more than was initially planned.

No recession for Papua New Guinea post COVID-19, says Central Bank

Welcome,

The Bank of Papua New Guinea in its latest Monetary Policy Statement is predicting that the Papua New Guinea economy will not go into recession this year and there will be a strong recovery next year. But it says that the COVID-19 pandemic has badly affected many of the key sectors in the economy.

War chest: oversubscribed COVID-19 bond will help Papua New Guinea fight virus

Welcome,

The government’s COVID-19 bond was oversubscribed after the first week, according to Treasurer Ian Ling-Stuckey. He said over K1 billion was raised and that the money will help protect Papua New Guineans from the worst effects of the coronavirus pandemic.

Headed for recession: bank and rating agencies’ bleak forecast for Papua New Guinea in 2020

Welcome,

Economists are forecasting a recession in PNG in 2020 as the country struggles to deal with the global crisis caused by the outbreak of the COVID-19 virus. The ratings agency Standard & Poor’s has also downgraded the country’s debt.

Court challenge: Marape forced to rethink Porgera decision by courts

Welcome,

The decision by the Marape-Steven government not to extend the Special Mining Lease on the Porgera gold mine is headed for the courts after the National Court of Justice at Waigani ordered both parties to have discussions to resolve the matter.

Porgera fallout: Prime Minister moves to reassure Papua New Guinea’s miners

Welcome,

Prime Minister James Marape moves to allays concerns among Papua New Guinea’s mining companies following the decision not to renew the special mining lease for the Porgera gold mine. Meanwhile, the mine’s temporary closure is already affecting local business.

‘Nationalisation without due process’? Barrick Gold to take on Papua New Guinea government over Porgera decision

Welcome,

The Papua New Guinea Government has announced that it will not renew the existing Special Mining Lease at the Porgera gold mine, which is operated by Barrick Gold. Barrick is set to challenge the decision.

How Papua New Guinea’s crisis in business funding could be solved

Welcome,

The impact of the COVID-19 crisis on Papua New Guinea’s financial markets has been muted so far. However, the crisis provides an opportunity to create new investment opportunities so that local entrepreneurs can raise capital more easily.