Papua New Guinea’s economy will recover modestly in 2021 and 2022, but financial stresses will persist, says the Asian Development Bank’s Asian Development Outlook for 2021. It also argues strongly for the reform of PNG’s state-owned enterprises.
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The latest business news from Papua New Guinea and the region
Vaccine rollout announced for Papua New Guinea’s 22 provinces, Enga Electrification Project gets funding and Kumul Petroleum to seek funding for gas fields overseas. The news in brief.
Having emerged from the ‘most challenging’ year in its 92-year history, Oil Search Ltd is now facing an escalation of COVID-19 infections in Papua New Guinea. In spite of this, shareholders at its annual general meeting were told PNG’s largest company is ‘coming through the challenges well’.
Fitch Solutions downgrades growth projections for Papua New Guinea, St Barbara Ltd unveils promising feasibility study for its Simberi gold mine, and Kina Bank introduces fee-free account. The news in brief.
The exodus of expats from Papua New Guinea due to COVID-19 has had a dramatic effect on the country’s real estate sector. Robert Upe reports.
The latest figures from the Bank of Papua New Guinea reveal the negative impact of the global pandemic on PNG’s agricultural sector. Exports of all the country’s major agricultural commodities fell in the 12 months to September 2020, although the falls were partly offset by improved prices in some cases.
With increasing numbers of COVID-19 cases in Papua New Guinea, Prime Minister James Marape says it’s ‘no time to play politics’ and has adjourned Parliament until 10 August.
Link PNG reapplies to get a shareholding in PNG Air, Air Niugini announces new requirements for international travel and BSP launches new cashless product. The business news in brief.
NCSL talks about its plans to become an ebank, Papua New Guinea’s Treasurer, Ian Ling-Stuckey reveals potential second economic stimulus package for MSMEs and changes in taxation collection in Bougainville. The business news in brief.
International credit rating agency Moody’s has changed its outlook on the Government of Papua New Guinea’s B2 rating from ‘stable’ to ‘negative’. What’s behind the move and what does it mean?