Papua New Guinea drought still affecting economy, in spite of rainfall

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Although many parts of the country are returning to normal, the Papua New Guinea drought is continuing to affect both its formal and informal economies. Business Advantage PNG receives an update on the situation from agricultural expert, Dr Mike Bourke.

In brief: Ok Tedi mine may resume operations in March, and other business stories

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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.

Impact of 2015 Papua New Guinea drought may be worse than 1997, reports agricultural scientist

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Now in its fifth month, PNG’s drought is having its biggest impact in high altitude locations and on the fringe of the Central Highlands, according to Agricultural Scientist, Dr Mike Bourke. He told Business Advantage PNG that this year’s drought is at least as bad as the 1997 drought, which affected nearly a million people in rural PNG.

More Pacific Island workers coming to Papua New Guinea, but numbers remain low

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While the number of work permits Papua New Guinea has issued to Pacific Islanders has quadrupled in the last ten years, Pacific workers still make up just one per cent of the total foreign work force in the Pacific’s largest economy. But that may be about to change.

Overcoming chronic lack of skilled tradespeople in Papua New Guinea requires more government funding, say industry leaders

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An analysis of foreign workers coming to Papua New Guinea since 2000 indicates a chronic lack of skilled tradespeople, according to Lae-based business leaders. While skills training initiatives are under way, an expected surge in mining projects over the next few years highlights the urgency for more skilled workers.

Papua New Guinea Budget review welcomed

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The PNG Government’s decision to review the 2015 Budget has been welcomed, while another prominent economist suggests further foreign investment can be attracted by improved policy settings.

Analysis: fall in LNG prices prompts call for Papua New Guinea mini-Budget

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The impact of the fall in LNG prices since the 2015 Budget was prepared in October last year warrants a mid-year mini-Budget, according to prominent economist Paul Flanagan.

Fish stocks slump in spite of scheme, says Papua New Guinea tuna industry

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Papua New Guinea’s tuna industry leaders are calling for reform of the regional Vessel Day Scheme, saying it is counterproductive, speeding up stock depletion with the size of catches getting smaller.

Record Budget and higher deficit feature in 2015 Papua New Guinea Budget forecasts

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The Papua New Guinea Treasurer Patrick Pruaitch has presented a record K16 billion national budget for 2015, but with an increased deficit of K2.272 billion.

Dealing with debt, deficit and transparency: experts identify key 2015 Budget issues

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The O’Neill government is preparing to deliver its 2015 budget, against a backdrop of rising government debt and rising expenditure. Business Advantage PNG asks what business needs and what we might expect.