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.
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The latest business news from Papua New Guinea and the region
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.
Central Bank Governor, Loi Bakani, says Papua New Guinea is facing economic and financial challenges due to the outbreak of COVID-19. He speaks exclusively to Business Advantage PNG about how the Bank of PNG is responding.
The presidents of Papua New Guinea’s two largest business chambers, in Port Moresby and Lae, outline the difficulty for business of life under lockdown, but also point to how PNG’s economy can bounce back from the current crisis.
Papua New Guinea is facing a debt crisis according to new reports from the Asian Development Bank and the World Bank, and the country will need the cash injection of new major investments to avoid ‘lacklustre’ future growth.
The United States commits K4.2 million in the fight against COVID-19 in Papua New Guinea, Monoyal project gets positive drilling results and PNG confirms five new cases of COVID-19. The business news you need to kickstart your week.
World Bank commits K70 million to help Papua New Guinea in its fight against COVID-19, the Minister for Petroleum gives an update on resource projects and Oil Search successfully completes its equity raise. The business news you need to know to kickstart you week.