Economy/Investment

PM insists Papua New Guinea economy strong despite critics

The Prime Minister Peter O'Neill has criticised external commentators for 'bias' when assessing the PNG economy. Speaking at the 34th Australia Papua New Guinea Business Forum in Brisbane, he expressed optimism about the proposed Papua LNG project but said the economy has to be diversified to avoid boom and bust cycles.
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United Kingdom confirms post-Brexit trading arrangements with Papua New Guinea

In a move that will reassure Papua New Guinea exporters to the United Kingdom, the UK government has confirmed it will maintain the European Union's current trading arrangements with PNG after 'Brexit'. Meanwhile, Prime Minister O'Neill has flagged 'huge incentives' for investments in agriculture and tourism, Business Advantage PNG reports from London.
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SME credit fund role part of our Papua New Guinea social responsibility, says Kina Bank CEO

Kina Bank is working with the Australian government and other donors to set up a credit fund for small and medium sized business. CEO Greg Pawson has told business leaders in Port Moresby the scheme is part of the bank’s corporate responsibility.
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Standard & Poor’s lowers Papua New Guinea’s rating

S&P Global Ratings has lowered its long-term foreign and local currency sovereign credit ratings on Papua New Guinea (PNG) to 'B' from 'B+', but it believes the outlook is 'stable'. The agency points to bigger than expected fiscal deficits because of 'a loss of revenue and reconstruction costs after a recent earthqu
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How Maori landowners access development finance 

Accessing finance to develop land in Papua New Guinea is the biggest stumbling block to creating wealth, jobs and an economic base for future generations. In New Zealand, Maori economic development is forging ahead, with the active support of banks and investors. In the second of a two-part series, Kevin McQuillan examines NZ banks’ lending criteria.
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Accessing traditional land for development: How it’s done in New Zealand

Accessing customary land for development in Papua New Guinea continues to be a challenge, while difficulties remain with securing finance against that land. Meanwhile, in New Zealand, Maori landowners are forging ahead with joint ventures, using leases as security and pooling financial resources. Kevin McQuillan investigates how it's done, in the first of a two-part series.
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Transparency Initiative report calls for improved systems in extractive sector in Papua New Guinea

The Extractive Industries Transparency Initiative Report for 2016 has found that improvements are being made to registry and payment systems, but more needs to be done. It notes that budgeting to government revenues remains difficult because of the industry’s volatility and the relatively small number of companies paying full tax.
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