The World Bank has released a new report, which provides a bullish assessment on economic growth in Papua New Guinea. But it says the country’s dependence on natural resources is not generating sufficient jobs to absorb its growing population.
Banking & Finance
Papua New Guinea was the first Pacific country to sign up to China’s Belt and Road Initiative, an infrastructure development program across Eurasia. David James considers some of the implications identified by analysts.
After receiving its banking licence five years ago, Women’s Micro Bank expects to deliver its first dividend in 2020. General Manger, Gunanidhi Das, tells Business Advantage PNG, the bank now has 27,000 customers, and aims to have 30,000 next year.
Three quarters of Papua New Guinea’s population is excluded from the financial sector, but there are differing thoughts about how to include them. David James looks at some of the options being proposed for PNG and notes the mobile phone is the key to all of them.
With regulatory approval finally received for ANZ’s sale of its retail banking assets in Papua New Guinea, ANZ PNG’s Chief Executive Officer Mark Baker talks to Business Advantage PNG about the bank’s future plans in the country.
Massive growth in participation has forced the Papau New Guinea Government to come up with new strategies for the finance sector and financial inclusion. Business Advantage PNG’s David James reviews the strategies and finds a greatly enhanced role for the central bank.
The Governor of the Bank of Papua New Guinea, Loi Bakani, says the foreign exchange market is on track to return to normalcy. In an exclusive interview with Business Advantage PNG, he says the PNG LNG project has begun paying taxes for the first time, which is improving the Government’s budgetary position.
Robin Fleming, Chief Executive of Bank South Pacific – Papua New Guinea’s biggest bank – says foreign exchange availability is improving. In this exclusive interview with Business Advantage PNG, he also discusses BSP’s approach to risk, and its new digital offerings.
Kina Bank’s vision is to be the country’s leading digital bank, CEO Greg Pawson tells Business Advantage PNG. He says the bank is preparing to take over ANZ PNG’s retail, commercial and SME businesses.
Oil and LNG prices have shown weakness but coffee is up. Business Advantage PNG’s monthly review of Papua New Guinea commodity and financial markets.