Papua New Guinea’s economy will recover modestly in 2021 and 2022, but financial stresses will persist, says the Asian Development Bank’s Asian Development Outlook for 2021. It also argues strongly for the reform of PNG’s state-owned enterprises.
Asian Development Bank (ADB)
Papua New Guinea is experiencing similar stresses to other economies in the Pacific region due to the impact of COVID-19. Two reports, by the Asian Development Bank and Pacific Trade Invest, highlight both the impacts and a way to recovery.
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The suspension of Parliament means that Papua New Guinea’s 2021 National Budget will be delayed until at least next month and possibly longer. Whenever it is finally delivered – and whoever delivers it – the recently released Budget Strategy Paper clearly outlines the challenges it must address.
The World Bank’s Doing Business indicators have become controversial. Paul Holden, Director of the Enterprise Research Institute, and Consultant for the Asian Development Bank Alma Pekmezovic analyse the accuracy of this tool in the Pacific Island nations.
The Asian Development Bank is looking to provide as much as US$800 million (K2.8 billion) in new funding to support Papua New Guinea’s budget, according to its Country Director, David Hill.
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Speaking at a Business Advantage PNG webinar, two of the region’s largest infrastructure investment funds – the Asian Development Bank and the new Australian Infrastructure Finance Facility for the Pacific – have announced major support for road and electricity projects in Papua New Guinea, with more to come.
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Papua New Guinea has a ‘tax mobilisation challenge’ if it is to deal with the financial challenges resulting from the COVID-19 crisis, according to a new Asian Development Bank report.