The downturn in the Papua New Guinea economy has put pressure on the shipping sector. But Jamie Sharp, Chief Executive of coastal shipping company Bismark Maritime tells Business Advantage International that the market is flattening out.
Posts by David James
Loi Bakani, Governor of the Bank of Papua New Guinea has presented his Economic Outlook. It contains a few surprises.
Oil prices remain strong, but gas prices continue to move sideways. Silver continues to surge and gold prices are strong over the year. Business Advantage PNG’s monthly overview of commodity and financial markets.
The governor of the Bank of Papua New Guinea, Loi Bakani, says that the shortage of foreign exchange is ‘an issue based on supply and demand of foreign currency for kina.’ One way to increase demand for a nation’s currency is to modernise the bond markets. A World Bank report has looked at some options.
Increasing private sector involvement in Papua New Guinea’s state-owned enterprises (SOEs) would be a ‘powerful mechanism’ for improving the sector’s efficiency, according to a new report by the Asian Development Bank.
The potential for improved financial and other services delivered via the internet in Papua New Guinea is high, the nation’s top bankers tell Business Advantage PNG. But costs have to fall first.
The greatest challenge facing Papua New Guinea’s financial system and businesses is to establish saving in the country’s mostly unbanked population. That is the message from three of the country’s top bankers.
The Papua New Guinea government has released its Supplementary Budget to adjust to ‘tough’ economic conditions. It assumes lower economic growth, a weaker exchange rate and higher inflation.
Papua New Guinea’s top two bankers, Loi Bakani, Governor of the Bank of Papua New Guinea and Robin Fleming, Chief Executive of Bank South Pacific, have asserted that the kina is not ‘controlled’. The shortage of foreign exchange is rather due to supply demand imbalances—but there is light at the end of the tunnel.
A new-format television program about business in Papua New Guinea will commence airing next week on national broadcaster EMTV.