The Bank of Papua New Guinea has released its Quarterly Economic Bulletin for the March and June 2020 Quarters. It shows that the economy and government finances came under great pressure because of the COVID-19 lockdowns, but that the impact was uneven.
Kina Bank’s Chief Executive and Managing Director Greg Pawson is expecting to start the SME Capital Fund this year, which will offer PNG businesses a new way of raising money. He tells Business Advantage PNG it should help business expand.
John Byrne, President of the Lae Chamber of Commerce, tells Business Advantage PNG that, although there is an underlying level of confidence in PNG’s second city, infrastructure projects and investment are urgently needed.
A joint communique issued earlier this month by Papua New Guinea’s Prime Minister James Marape and new Bougainville President Ishmael Toroama has committed them to moderated ‘joint consultations’ over the autonomous region’s desired independence. It has again brought focus on the future of the island’s massive Panguna copper and gold mine.
Peter Aitsi, Group Chief Executive Officer of Credit Corporation PNG, says the COVID-19 pandemic has had a significant impact on operations. He tells Business Advantage PNG that the company is moving to a more agile digital platform and diversifying its product range.
A new lender, Savi Moni, is entering Papua New Guinea’s financial services market. Founder and Managing Director Nick Keane tells Business Advantage PNG that the aim is to minimise the burden on employers, provide affordable and responsible loans, and promote financial wellbeing.
A new World Bank report on the economic and employment impact of COVID-19 on Pacific Island Countries has shown that the harm to Papua New Guinea’s economy, labour market and education has been extensive.
Health products company SkinnyMe Weightloss has built a business in Papua New Guinea that boasts 10,000 members.
Papua New Guinea’s Prime Minister, James Marape, has outlined his government’s goals for 2021, including building up infrastructure, undertaking ‘Budget repair’ and exploring ways to invest in domestic businesses.
The prospects for the prices of metals Papua New Guinea exports are mostly positive, reports David James from the recent International Mining and Resources Conference.