Over two-thirds of Papua New Guinean businesses have experienced a ‘very negative’ impact from the COVID-19 crisis, according to a recent survey. Uncertainty over the duration of the crisis is considered to be the greatest challenge.
Posts by David James
Papua New Guinea signed up to China’s Belt and Road initiative in 2018 but this is unlikely to result in significant investment, according to Dinny McMahon, author of China’s Great Wall of Debt.
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.
Presenting the latest World Bank economic update for Papua New Guinea, PNG country economist Ilyas Sarsenov says its government has responded well to the challenges of COVID-19 but hard choices lie ahead.
The COVID-19 crisis has profoundly shaken the global oil and gas industry. With the medium term picture for LNG prices likely to heavily impact PNG’s economy and government finances, Business Advantage PNG looks at the sector’s prospects.
Papua New Guinea is making changes to its approach to oil and gas projects, suggesting the country gets a worse share of revenues than other comparable nations. John Chambers, General Manager of Santos, considers some of the options used internationally.
Oil and LNG prices have recovered to some extent and copper has also bounced back. Palm oil prices have strengthened but cocoa is weaker. Business Advantage PNG’s monthly overview of commodity and financial markets.
Barrick Niugini, the majority owner and operator of the Porgera gold mine, has announced that it will be retrenching most of its workforce over the coming weeks. Meanwhile, Papua New Guinea’s government seems intent of finding a new operator for the mine.
Mining companies in Papua New Guinea have been able to keep operating during the COVID-19 crisis. John Lewins, Chief Executive Officer and Director of K92 Mining, says his company actually ‘set records’.
Amendments to the Mining Act 1992 have been passed in parliament, with Mining Minister Johnson Tuke explaining it is a step towards ‘taking back’ Papua New Guinea. Meanwhile, industry representatives have expressed some deep concerns.