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.
Industry sectors
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 Guinean entrepreneur Samson Korawali aims to revolutionise online learning with the timely launch of online learning platform, Reelae. He tells Business Advantage PNG how the platform has attracted the attention of Silicon Valley.
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.
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.
In an emergency session of parliament last week, Prime Minister James Marape extended Papua New Guinea’s state of emergency, and the ramifications will be significant.
With the recent death of more than 300 pigs in the Highlands region from African swine fever, the deadly virus has finally arrived in Papua New Guinea. What can the country and its farmers do to fight it?
Papua New Guineans Len Awinup and Lydia Lisa Dimokari are creating change through two initiatives that could level up the field for young people around the country.
Lisa Smyth meets four young Papua New Guineans who are working to transform their communities with their dynamic business ideas. In part one of this story, meet the man behind apparel brand Barata and the woman who’s building solar-powered walk-in fridges.
The World Bank and the International Finance Corporation are looking to step up investments in the Highlands. Michel Kerf, the World Bank’s Country Director for PNG and the Pacific Islands, describes to Business Advantage PNG the challenges and opportunities for the region.