The latest business news from Papua New Guinea and the region
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.
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.
Economists are forecasting a recession in PNG in 2020 as the country struggles to deal with the global crisis caused by the outbreak of the COVID-19 virus. The ratings agency Standard & Poor’s has also downgraded the country’s debt.
The decision by the Marape-Steven government not to extend the Special Mining Lease on the Porgera gold mine is headed for the courts after the National Court of Justice at Waigani ordered both parties to have discussions to resolve the matter.
Prime Minister James Marape moves to allays concerns among Papua New Guinea’s mining companies following the decision not to renew the special mining lease for the Porgera gold mine. Meanwhile, the mine’s temporary closure is already affecting local business.
The Papua New Guinea Government has announced that it will not renew the existing Special Mining Lease at the Porgera gold mine, which is operated by Barrick Gold. Barrick is set to challenge the decision.
Papua New Guinea to take over Porgera Mine, Mining Minister is looking to restart Wafi-Golpu discussions and Shadow Treasurer urges the introduction of a supplementary budget. The business news you need to kickstart you week.