The IMF’s report on Papua New Guinea has suggested that the PNG Government has responded to pressures on the budget and foreign exchange shortages. But it says that more attention should be given to the deals offered to foreign mining companies.
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Frabelle’s General Manager steps down, new Managing Director of EMTV appointed, new Governor-General elected
Businesses in Papua New Guinea must have strategies to manage the shortage of foreign currency, says Stephen Massa, Port Moresby Managing Partner of the law firm Dentons. He looks at some approaches but warns that businesses must pay attention to their legal obligations.
‘More jobs to go’ warning if business continue to rationalise, O’Neill says $S300m loan to be used foreign exchange, Australia funding APEC 2018 to fend off China. Your weekly digest of the latest business news.
K92 Mining is preparing for its first export of gold concentrate from Kainantu mine and plans to ramp up to full production around April this year, company Chief Operating Officer, John Lewins tells Business Advantage PNG.
Changes in ANZ’s Asia-Pacific strategy could provide benefits to Papua New Guinea, ANZ’s Managing Director in PNG, Mark Baker. He also tells Business Advantage PNG he sees growth potential from PNG’s rising middle class, while mobile phone banking has moved past traditional PC based internet banking services.
Barrick Niugini’s Mining and Petroleum Industry Investment Fund provides relocated landowners with a superior financial outcome, according to Chris Trainor, Manager of Commercial Services. He believes it is a model for other Papua New Guinea mining companies to follow.
The Papua New Guinea government is being ‘prudent’ in its approach to the Budget, according to the Asian Development Bank’s PNG Country Director Marcelo Minc and Country Economist Yurendra Basnett. They tell Business Advantage International that investment in non-resource sectors is required for the economy to progress.
China wants extra loan to fund PMIZ, unions concerned about housing tax on employees, Bank PNG questions accuracy of IMF economic report. Your weekly digest of the latest business news.
Bank South Pacific has adjusted well to the slowing economy, Chief Executive Robin Fleming tells Business Advantage PNG. He says the bank is looking to lend to the growing middle class in Papua New Guinea, especially for housing.