Coronavirus and PNG

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.

PNG’s Prime Minister green-lights Wafi-Golpu negotiations, Twinza’s Pasca A project is next on the government’s list and Vision City Mega Mall announces rent assistance for businesses. The business news you need to kickstart your week.

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.

In spite of the International Air Transport Association reporting global losses for the airline industry up to US$314 billion (K1086 billion), Papua New Guinea’s carriers are keeping essential services going under the toughest business conditions.

A way out of the COVID-19 crisis, the new business reality when the pandemic is over and cocoa production in lockdown. Readings from around the world on business, leadership and management.

Porgera mine output is removed from Barrick’s full year guidance, Westpac announces new division for Westpac Pacific and Australia and New Zealand agree on a ‘trans-Tasman COVID-safe’ travel zone. The business news you need to kick-start your week.

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.

Singapore sees retail landscape change, how work will look post pandemic and COVID-19 infects Chinese-US relations. Readings from around the world on business, leadership and management.

Globalisation due for a ‘reset’, promoting local music sharing in Melanesia, and Facebook gets into video conferencing. Readings from around the world on business, leadership and management.

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.