The global economic crisis triggered by COVID-19 outbreak has increased the urgency for Papua New Guinea to facilitate mining projects, which are the biggest providers of crucial foreign exchange. Business Advantage PNG speaks exclusively PNG’s Mineral Resources Authority about where the sector is heading.
The Papua New Guinea Government has announced that it will not renew the existing Special Mining Lease at the Porgera gold mine, which is operated by Barrick Gold. Barrick is set to challenge the decision.
The impact of the COVID-19 crisis on Papua New Guinea’s financial markets has been muted so far. However, the crisis provides an opportunity to create new investment opportunities so that local entrepreneurs can raise capital more easily.
Demand is up, foot traffic is down and trading is restricted but Papua New Guinea’s retailers are finding a way through the country’s current lockdown – and some positive changes are here to stay, reports Paul Chai.
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.
In the Pacific we aspire to endurance and sustainability. But progress is difficult to sustain when we face multiple threats that reverse decades of development gains in a matter of hours or days, says Dame Meg Taylor, Secretary General of the Pacific Islands Forum.
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.
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.