Latest news

The Papua New Guinea government has brought down a supplementary Budget to address what it described as a ‘record budget deficit.’ The Minister for Treasury, Ian Ling-Stuckey, claimed it is necessary to get the Budget within sound fiscal limits.

Kumul Petroleum Holding Limited has been asked to cease exploration, drilling and greenfield investments, the World Bank has released an economic update signalling economic slowdown in Asian and Pacific economies, and K92 Mining has released its Q3 results above budget. Your weekly digest of business news.

Ahead of this week’s expected Supplementary Budget, the Bank of Papua New Guinea’s September Monetary Policy Statement points to continued financial pressures, despite a strong trade performance. David James considers what it means for foreign exchange and domestic demand.

After the government’s endorsement of the Papua LNG Gas Agreement in September, attention has shifted to achieving a deal for the P’nyang gas project. Its developers see its pending approval as a prerequisite for the commencement of Papua LNG.

Review of Mining Act next year, acting Tax Commissioner warns of criminal action against companies not forwarding taxes to government and wholesale internet prices may drop by two-thirds. Your weekly digest of business news.

The 20-year National Road Network Strategy to improve Papua New Guinea’s roads is about to begin. David Wereh, Secretary of the Department of Works & Implementation, says the strategy aims to address both maintenance of existing roads and building new connections.

The oil price has been extremely volatile this month, while LNG has strengthened. The cocoa price is also up sharply. Business Advantage PNG’s monthly overview of commodity and financial markets.

Papua New Guinea’s Minister for Treasury finds the national budget in a ‘much more fragile situation’, K12 billion in unbanked money circulating, and poor regulations may be affecting SMEs. Your weekly digest of business news.

Papua New Guinea’s Prime Minister, James Marape, has issued The Marape Manifesto, a blueprint outlining his priorities in government. It flags some big changes, especially in the resource sector. David James explores.

Prime Minister James Marape has made a pledge to raise Papua New Guinea’s cash revenue to K15 billion over the next two years, Kumul Consolidated Holdings falls K400 million short from what was budgeted for 2019, and a reconciliation ceremony is proposed between the National Government and the Autonomous Region of Bougainville.