The Papua New Guinea government faces challenges in managing its cash flow, according to Yurendra Basnett, PNG Country Economist for the Asian Development Bank (ADB). The ADB’s Outlook 2016 paper on the Asian region says PNG’s debt servicing costs are likely to rise.
PanAust applies for Frieda River mining licence, new deal governing American access to the region’s tuna fishing and Chief Secretary to Government says Papua New Guinea’s economic fundamentals sound. Your weekly digest of the latest business news.
Papua New Guinea’s debt levels relative to the size of its economy could actually go down if the government increased spending, according to Satish Chand, Professor of Finance in the School of Business at the University of New South Wales. Mounting an argument that goes against conventional wisdom, he contends that as long as the government investment is well managed and receives a strong return, the long term benefits will outweigh the short term risks.
In brief: Inflation expected to hit 6 per cent, UNDP claims ‘timely’ expenditure reporting and POMSoX trading down 43 per cent
The key to boosting the use of mobile phone banking services in the Pacific is ‘trust’ in the system, particularly as mobile phone providers themselves begin providing financial services, according to a new report by the Asian Development Bank (ADB).
Papua New Guinea’s growth forecast downgraded by Asian Development Bank, Bank of PNG says growth this year will partly be driven by non-mineral sector activity, plus claims PNG’s global corruption rating will depend on government commitment to accountability. Your weekly digest of the latest business news.
The creation of a registry of personal assets to be used as loan security will boost the small business sector, according to Moses Liu, the Managing Director of the National Development Bank.
The Ok Tedi mine expected to start again in March, the US formally withdraws from fishing treaty, and unions call on government to honour superannuation commitments. Your weekly digest of the latest business news.
Hopes are high that an action plan to resolve the problems facing Papua New Guinea’s three main power grids will be endorsed at a key stakeholders’ meeting in Port Moresby this week, according to Gavin Murray, the International Finance Corporation’s (IFC) Country Manager for the Pacific region.
Papua New Guinea will find itself in a tight fiscal situation in 2016, according to the latest analysis by the Asian Development Bank’s economists. While more efficient public spending could yield large savings, they suggest more may need to be done to arrest the downward pressure on the currency.