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.
Latest news
The latest business news from Papua New Guinea and the region
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.
Two Papua New Guinea hotels have shut their doors temporarily because of the COVID-19 state of emergency and others have put in place tough measures to guarantee their survival.
Papua New Guinea’s largest company, Oil Search, is proposing to raise US$700 million (K2.4 billion) to strengthen its balance sheet in response to declining oil prices. The company’s stake in the PNG LNG project may also eventually be on the table.
With Papua New Guinea’s second case of COVID-19 discovered in East New Britain, the province’s businesses are getting ready for weeks of disruption.
Papua New Guinea’s financial institutions offer businesses support for State of Emergency, Oil Search cuts staff, and Air Niugini to resume flights. The business news you need to kickstart your week.
Papua New Guinea’s government has announced its Budget deficit will balloon to more than K6 billion, the biggest in the nation’s history. Treasurer Ian Ling-Stuckey has announced a well-targeted stimulus, but the International Monetary Fund needs to come to the party.